Less than 50 Years of Oil Left, HSBC Warns

Posted: May 30, 2011 in Peak Oil
Tags: , , , , , , , , ,

From the article:

The world may have no more than half a century of oil left at current rates of consumption, while surging demand from the developing world threatens to create “very significant price rises” before substitutes like biofuels can serve as viable alternatives, the British bank HSBC warns in a new report.

“We’re confident that there are around 50 years of oil left,” Karen Ward, the bank’s senior global economist, said in an interview on CNBC.

The bank, the world’s second largest in assets, further cautioned that growth trends in developing countries like China could put as many as one billion more cars on the road by midcentury. “That’s tremendous pressure on oil to power all those resources,” Ms. Ward said.

Substitutes, such as biofuels and synthetic oil from coal, could fill the gap if conventional supplies fall short, but only if average oil prices exceed $150 per barrel, the report notes. Increasingly tight global supplies, meanwhile, are likely to cause “persistent and painful” price shocks, it says.

I’m getting tired of all the scare tactics that are being used against the people, peak oil will happen but it won’t be a catastrophic event. Humans are very good at adapting and we will find a solution well before it is to late.

That’s how humans work, have a little faith.

Original site.

WOG out.

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Comments
  1. Kevin says:

    The level of oil left when I was in high school was 50 years. 10 years later it is still 50 years left. Recovery rates will increase as the companies improve their methods of production. Back in the day, 40% recovery was considered good, now rates are as high as 60%.

    Even still, my lecturer says that there will be no more big oil finds. However, the ever increasing prices will make producing the smaller fields economical where before it wasn’t worth the costs.

    If the price of oil goes above the economical level for alternative energy sources then those sources will see a surge in popularity..

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