Will Oil run out ?

As you’ll probably know if you’re a regular visitor of this blog, it fluctuates constantly. A lucky dip of topics, hopefully interesting to you (whilst I share my random findings and feelings). Today is a reflection on the running out of oil, after watching an interesting documentary on the topic. My opinion has fluctuated more than this blog! So at a first glance it would seem scaremongers are correct, oil will run out. One interesting theory is it’ll be as soon as 40 years!!!! Wow I thought, that seems extremely worrying, how will we cope? Huge apocalypse? Global war? Do I dig the bunker now?

But as with all topics in this blog, the first port of call is always to cross examine the subject. Nowadays everyone seems to have a hidden agenda! Anyway after reading some other worrying research it seemed the world would soon be heading into catastrophe.  But a sudden encounter with a economics site quickly brought me around to my senses. Yes oil extraction will decrease as oil wells dry up, oil usage will also increase in the future with increased worldwide population growth and the growing of small economies.

BUT WE WILL NEVER RUN OUT OF OIL!

As wells run dry or harder wells are tapped into, oil costs will increase dramatically. As this happens people will change. Changing habits, downsizing cars, changing to different powered vehicles, use bikes, walk or use public transport. As the price of oil increases the cost will make oil a niche, purchased by a few. 

Although in our world energy has become a necessity, as the cost of oil increases people will begin to adapt and use alternatives. Thus meaning oil will not run out, it will become extremely expensive and not a viable source of energy for the majority.

One question I do consider is when? when should habits begin to change? Surely too soon is not an option. Countries that begin to change will be ready, waiting and likely exceed in the future. As oil constantly increases in cost, countries adapted to alternatives early will be able to leave the pitch, stand on the side-lines and watch unaffected.  As slow to adapt countries will begin struggling to purchase oil at inflated prices, and hence hurriedly begin changing energy habits. 

What do you think ? Go ahead and comment !