Is the oil supply really dwindling?

Or is the government telling a bunch of bull?Is the oil supply really dwindling?
Yes, it is. It will be used up and it is a nonrenewable resource. It takes millions of years to form.





Oil will not just ';run out'; because all oil production follows a bell curve. This is true whether we're talking about an individual field, a country, or on the planet as a whole.





Oil is increasingly plentiful on the upslope of the bell curve, increasingly scarce and expensive on the down slope. The peak of the curve coincides with the point at which the endowment of oil has been 50 percent depleted. Once the peak is passed, oil production begins to go down while cost begins to go up.





In practical and considerably oversimplified terms, this means that if 2005 was the year of global Peak Oil, worldwide oil production in the year 2030 will be the same as it was in 1980. However, the world鈥檚 population in 2030 will be both much larger (approximately twice) and much more industrialized (oil-dependent) than it was in 1980. Consequently, worldwide demand for oil will outpace worldwide production of oil by a significant margin. As a result, the price will skyrocket, oil dependant economies will crumble, and resource wars will explode.Is the oil supply really dwindling?
A documentary I saw on the History Channel said that experts estimate we've used about one third of the global oil supply since 1860 when widespread oil use began.





The problem is, the world every year is using oil at an ever accellerating rate.





I also saw a book written by a U.S. oil executive who said that the U.S. has enough oil in the ground to last another 200 years, and we are only using foreign oil to save our own reserves.





The problem is, most of the oil that's easy to find and extract has already been exploited. The oil found now is in increasingly difficult places to extract.


Brazil, for example, has discovered oil deposits that are said to make it the equal of Saudi Arabia. But it's 4 miles underground, and will require years and U.S. technology to extract.





The key factors driving the price jump are not dwindling supplies (for a few decades anyway) but are:


1) limited oil production,


2) limited refineries in the U.S.


3) recent speculator investment, which will eventually crash, like the real estate market


4) vastly industrializing economies in China, India, and elsewhere, competitively bidding for supply against the U.S. and other Western nations


5) a recent plunge of the U.S. dollar against other currencies, which is now stabilizing





The right idea is diversifying our feul sources.


Brazil uses bio-feul distilled from sugar cane (which is a cleaner bio-feul than from corn as is being pushed in the U.S. by corn lobbyists) which is about 85% of their feul supply, and since Brazil produces close to 100% of their feul domestically, they're not seeing the foreign-dependency problems we are.
bunch of bull


if the value of the dollar popped back up, you would see oil prices fall, as traders on wall street rushed to sell off their futures.





the Bush admin is batting for the oil companies on this one.


they want to drill more, so they can sell it off at current market prices, so once it falls the refineries they own can buy it back at the lower price.
Supply is increasing because as the price goes up, exploration goes up so they find more. Also, as the price goes up it becomes economically viable to refine oil sands and other sources of crude.





The problem is for every step forward supply takes, demand takes 100.
oil.. is a sham





record oil profits .. while record prices == price fixing..





the whole premise of opec is price fixing..





the solution to this price fixing is windfall profit taxes.. make it so the only way to increase profits is to increase volumes of sales..





that will end the price fixing.. that will end the high prices..





we're being scammed by bush.. cheny.. the saudis.. the NWO.. .. we're being scammed and intentionally bankrupted.





oh .. the oil companys need to be nationalized too.. they intentionally keep us in the energy stone age.. to milk us for every dime.. dispite the damage they do to our country.
It's Bull. They think you can go to $10 per gallon and they're hoping it will be before the January inauguration.





Press your government officials to block oil companies from raising prices -- do it now.
Yes! Do a search on peak oil it will scare the sh#$ out of you. Also look up M. King Hubert a very wise man that saw this coming in the 1950s.
yes,


But there is so much of it in places like North Dakota and Alaska that we don't need to worry in several life times if polititions and environmental wakos will just let us go after it.
The US government has a large amount of oil that is keep out of circulation and stored in a government facility.
There's oil, but it will take a very long time before we can get it. America would rather get it cheap from other parts of the world before we start drilling our own.
Yes, there is less of it every day..... but, does that matter?