Oil is a non-renewable fossil fuel; there is a limited supply available on this planet, and it has been well advertised that oil reserves are being depleted too quickly. But what constitues an oil reserve? An oil reserve is oil that can be abstracted in a financially viable way. What this means is that there is more oil available, but as of yet, we do not have the technology to abstract it economically. In 50 years, we may have developed the technology and the reserves will increase. Whether we are running out of oil or not, the bottom line is, using it as a fuel is not good for the environment. In recent decades, general public awareness of global ...  Read the complete review

Well - is the world running out of oil or isn't it? On the face of it, given the astronomic rise in fuel prices on the garage forecourts since 2007, you would have to say yes. Today in Ireland (1/07/08) the price of a litre of unleaded fuel is around the Euro1.33 mark, with diesel (traditionally a cheaper fuel than petrol) 11 cents dearer at about Euro1.44 a litre. Little over a year ago I was paying a meagre Euro0.89 per litre for diesel, and it was mostly around 10 cents a litre cheaper than unleaded fuel. A barrel of crude oil is now reported to have topped US$146, which doesn't auger well for future prices at the pumps. Reports about ...  Read the complete review

Oil reserves are depleting fast and the demand is rising steeply. Price of barrel of crude oil is above $70 in UK and USA. I remember when it was $18. Apparently we have reached the peak of oil left in the world, this happened this year. Nature took millions of years to produce oil; man has used it up in 100 years. In the future oil demand will increase while output will steadily decline. Industrial processes are not there to produce artificial oil. More cars and higher industrial demand is using up oil reserves really fast. For the first time in history of man, bio fuels and alternative to oil is seriously being considered by commercial companies ...  Read the complete review

Never! Since when? We are running out of oil and I am glad we are. End of oil means end of petty wars. Oil may be running out in places where it is easy to get. However there are plenty of other places, ie Africa, Australia, Alaska, Asia where new discoveries are made each month. West Africa is the latest Middle East for oil. Instead of petrol cars can run on many other things, fuel made from fruit, compressed air etc. I can predict a time when price of oil will be less than $10 and no one will buy it. Palm oil and other sustainable man made resources to used in manufacturing and energy production will be widely ...  Read the complete review