There has been much crystal gazing when it comes to the question, “When will we run out of oil?”
That’s because of our rabid dependence on the black liquid…
According to the 2015 edition of the BP (NYSE: BP) Energy Outlook, energy demand will increase by close to 40% over the next 20 years. In its report, BP estimates the world has 53.3 years of oil left at current production rates.
That’s the latest projection, but such forecasts have long been tried. For example, in 1914, the Bureau of Mines said U.S. oil reserves would be exhausted by 1924. It was wrong.
“The truth is every expert who's predicted ‘the end of oil’ has been wrong in the past,” Money Morning Global Energy Strategist Dr. Kent Moors said. “But with global energy consumption at an all-time high, and much of the world's economy dependent on oil, the question needs to be asked.”