As the need for energy continues to rise worldwide, rapidly industrializing and developed nations alike are trying to ensure adequate supplies of coal, oil, and natural gas. Based on current trends, for how many years will existing oil reserves cover demand?
March 30, 2008
A. 150 years
B. 65 years
C. 40 years
C. 40 years is correct.
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At the current rates of consumption and production around the world, oil's lifespan stands at about 40 years. When including deposits of oil found in layers of sand, the figure rises to about 50 years.
The prospect of new oil fields in Russia and the Middle East is unlikely to compensate sufficiently for the total decline in output at existing fields.
According to the International Energy Agency, the world's energy needs will be more than 50 percent higher in 2030 than today, with China and India together accounting for 45 percent of this increase.
The supply of natural gas is projected to be depleted in about 65 years, according to the BP Statistical Review of World Energy. At current consumption rates, the world's reserves of coal will last for 150 years.
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