Doomsayers to the contrary, the world contains far more recoverable oil than was believed even 20 years ago. Between 1976 and 1996, estimated global oil reserves grew 72%, to 1.04 trillion barrels. Much of that growth came in the past 10 years, with the introduction of computers to the oil patch, which made drilling for oil more predictable.
Still, most geologists are hard-pressed to explain why the world’s greatest oil pool, the Middle East, has more than doubled its reserves in the past 20 years, despite half a century of intense exploitation and relatively few new discoveries.
Those who say there’s only a limited amount of oil are wrong. They should be asked: Why did the world suddenly stop producing oil? Why were the predictions of the 1960’s and 1970’s wrong that all of the oil would be gone by 1990? Partly because of new discoveries and partly because more oil was being created.
Is the world running out of oil? Is more oil being used than nature is producing? No and no. Nature produces oil and nature isn’t out of business. Keep that in mind when thinking about investing in an expensive solar panel set-up because as the supply of oil keeps increasing the so-called doomsday when there’s no more energy is not going to happen.
Here’s another flash. Oil is produced from biomass. Biomass is produced by growing things that die. The heat and the energy of the sun is partly captured by growing things and things are still growing and dying. Even trash contains energy. Nature sure is good.