There are 1.65 trillion barrels of proven oil reserves in the world as of 2016.

The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).

This means that the oil is going to run out in our lifetime

Source/more reading: https://www.worldometers.info/oil/

Update: It is infact not true (or just partially true), because it only considers already known oil reserves that can be pumped out with current technology.

There is more oil that can potentially be used as technology and infrastructure advances, so the estimate of 50 years is wrong.

For the correction thanks to [email protected] (their original comment)

  • henfredemars@infosec.pubEnglish
    18·
    3 months ago

    I believe prices will increase dramatically long before we actually run out. Any non-critical usage of plastics and petroleum products will be phased out for economic forces if nothing else.

    • AA5B@lemmy.world
      3·
      3 months ago

      The trick is figuring out how to make that happen. Today.

      You could easily argue that practically non-existent passenger trains and slow adoption of EVs in the US is primarily caused by cheap gasoline. Maybe if we fixed prices to be higher, we’d be able to make the progress we need

      • henfredemars@infosec.pubEnglish
        3·
        3 months ago

        I believe gasoline is indeed heavily subsidized. I always thought that was a strange choice.

        I was in Norway a few days ago and I was impressed how pretty much all the vehicles I saw were EVs and that the bus system appeared to be relatively efficient.

    • krashmo@lemmy.world
      2·
      3 months ago

      Yeah don’t bother thinking about the future. The market will sort it out. Just go buy some shit.