| How long will our energy ressources last?
It took 300 million years to form fossil energy. But within only a few generations we can deplete most of our key energy resources to a minimum. Oil is expected to last only another 40 years before it takes more energy to extract the last drops than they actually contain, predicts BP (British Petroleum). Gas reserves may last some 60 years. Whereas there is about 41 years supply of Uranium known at this stage to be available, according to the World Nuclear Association. If prices grow considerably, making marginal uranium finds economic, a few extra decades may be added.
Coal compensation?
If coal is needed to compensate for the decline in the other main energy resources, then our coal reserves may last less than 125 years. This is the situation even if we calculate with a yearly growth in world energy demand of only 1% for oil and 1.5% for natural gas – which is a lower growth rate than we see today.
The barrel is running dry. We consume 3 times more oil and gas liquids than we discover. The gap between consumption and discovery is growing. Source: The Association for the Study of Peak Oil (ASPO), Newsletter No. 41, May 2004, compiled by C.J.Campbell, Staball Hill, Ballydehob, Co. Cork, Ireland. www.peakoil.net
Production is declining
At the present time we are already seeing increased pressure on energy prices. Of the world’s 64 largest oil producing nations, some 80% are experiencing declining production. The rest are the biggest producers, but even their reserves will not last forever. In addition large, developing countries are playing catch up and rapidly consuming more energy. Energy power and pricing power is being concentrated in fewer hands, often in politically unstable regions.
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