At current world consumption rates, how long will 70 million barrels of oil last?
149397
80 million of barrels are used world wide every day.
424086
Lifestyles in the industrialized world revolve around fossil fuels--including oil, coal, and natural gas. For oil alone, according to U.S. government figures, the world consumes over 80 million barrels per day, with the U.S. accounting for roughly a quarter of that total. \nhttp://us.oneworld.net/article/view/115387/1/795
333263
There just isn't enough oil in US arctic waters to make much more than a blip. If we enlarge drilling operations, we have two options: A small, negligible but steady supply, or a big, short-term operation that would also make a negligible difference.\nThe big issue is that it’s mostly low-grade crude, and any economic benefit is probably offset by the twin bugaboos of the additional refining costs, as well as the inevitable environmental cleanup.\n\nIf we assume Americans start using less gas—which is darn unlikely—then gas prices go up as oil and gas producers adjust to preserve their profits.\n\nAmerica, however, is about to become a bit player in all this. China will, within 10 or 15 years, out-consume America for oil, and there are NO efficiency measures on the horizon there, primarily because the demand is for industrial processes, not cars. If America slows the rate of increase in consumption, it will just mean that the global rate increases slightly less quickly. Bottom line: Nothing America does is going to have much of an impact on demand or supply.
525064
70 wouldnt last very long...
1008240
When oil hits $100 or during the next war we start.  So in about 2-4 years.
64082
70-80 years, in some countries 40 years, in industrialized usually 75-78 years.
254800
Yes.  But unfortunately even if all the oil in Alaska was recoverable, it still wouldn't have a noticeable effect on gas prices.  The US uses 19 million barrels of oil a day.  The US Geological Survey estimates there are 10.4 billion barrels of recoverable oil in ANWR.  That's only enough to supply the US's demand for 1.5 years.  And then, as its a non-renewable resource, that oil is gone forever.
409632
Oil is non-renewable.  So it will run out but NOBODY knows when.
871653
Doesn't matter.  We need oil and will burn oil. If the recent price gouging did nothing to curtail our oil use I don't think the oil companies have to worry about loosing any business any time soon.
452439
I think those things will become increasingly important given the trends in the price of oil. Companies will shift to alternative forms of energy to save money. I don't know that it will stop wars among nations.
993643
In 2003 (latest data I could find), the US transformed 779,617 thousand tonnes of oil, of which 516,216 thousand were imported, meaning that 66.2% of our consumption was imported.\n\nEdit: I found more recent information. In the week of May 26th the US processed 15,519 barrels of crude oil a day, of which 10,842 barrels were imported, yielding 69.8%. In addition, the US imported 4,277 barrels a day of already processed products.
84095
We'll spend $6 or $7 a gallon for gas because:\n\n- We're willing to.\n- Supply and Demand will dictate that price or higher.\n\nI saw a segment on 60 Minutes a couple weeks ago about huge reserves of oil in Canada. The reserves reside within soil.
730615
yes\n0.85 x 8882 thousand barrels = \n7945.7 thousand barrels or\n7,945,700 barrels per day
586157
Fill your tanks only half full uneless you need to make a long trip.You do not need to stock Bush's & Cheeny's gas on your shelf.This will cost the oil company's $3000,000,000.00 a day and will leave only half the room in the supply tanks To but in new gas.The tankers will be stacked off the coast trying to unload.I remember coffee going to $5.00 a pound in the seventys.People stopped buying and in two weeks the price was down to $1.50 a pound.Lets go Amercians the power is in your purse's and wallets "Let's Roll"
4517
Probably not much, since the big bucks are in production and transmission.\nRemember we still own a big piece of the Production in OPEC Oil Fields.
1144949
Absolutely.  There is plenty of oil, enough to last for 100's of years.  Actually if you look at it logically, we will never really run out of oil.  Supplies will dwindle, we will tap into other sources, like oil shale, and oil sand, but the production cots will go up.  Eventually we will get to a point, where the cost is high enough, to make alternative energy sources, profitable.  Once that happens, competition and the free market system will find a cheap efficient substitute, and we will leave oil usage to the third world.
1029305
It depends on who you ask.  In the United States it depends on whether you are a Republican or a democrat,  a neo-conservative or a liberal.  Both parties are irrelevant as this is a scientific question. \nIf you listen to UK based Colin Campbell, oil will peak around 2016.  Keep in mind that you must consider middle east oil producers, and countries outside of the middle east, which are expected to peak a lot sooner.  However, the US Geological Survey paints an extremely Rosy picture, with oil production most likely to peak around 2040.  I would say it has a built in optimism since it doesn't factor in geopolitical events.  It also depends on the amount of conservation and alternative energy sources being developed and utilized by the world.  This will also effect production.  You can find this data in the June 2004 issue of the National Geographic Magazine.  US president George Bush plans to stay in iraq until 2016.  Coincidence?