Future of Oil

741 Words3 Pages
Future of Oil Is the world on the brink of an oil crisis? I decided to look into this possibility, because it seems like a rather serious question, one that I would feel more comfortable about if I had enough information to at least form a fairly justifiable position. After all, the little I knew about the situation before conducting any research yielded one undeniable result: the issue is an extremely divisive one, with plenty of proponents on both sides of the argument. I decided to look first at the arguments of those who claim that a crisis is looming. George Monbiot summarizes the problem in the following succinct fashion: “The world's problem is as follows. We now consume six barrels of oil for every new barrel we discover. Major oil finds (of over 500m barrels) peaked in 1964. In 2000, there were 13 such discoveries, in 2001 six, in 2002 two and in 2003 none. Three major new projects will come onstream in 2007 and three in 2008. For the following years, none have yet been scheduled.” This, at first, seems like a rather startling discovery, but it’s its significanc...
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