When will the oil run out?

Although estimates are difficult the factors which must be included are:

• The amount of known oil reserves (this is fairly well known)
• The world wide consumption rate (this is difficult to estimate but its unlikely to go down)
• The cost effectiveness of finding new oil deposits

Most studies agree with the following prediction:

Peak Production is likely to occur somewhere in the range 1990 - 2010. By 2050, world will be down to 10% of the peak production

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