The amount of fossil fuel and natural gas available in the world is finite. Current studies estimate the amount of remaining sustainable fossil fuels and coal in the world available for extraction and processing will last no more than a couple hundred years. Natural gas, a relatively newly available energy source, may last longer than that.
Oil is particularly interesting commodity as unlike copper, which can be used over and over, it is not recyclable. Burning it for energy uses it up. However, add to this forecast the world's exponential population growth and the associated energy requirements and the out look is not good.
Another disadvantage with our dependence on fossil fuels, and potentially natural gas, is the control of their extraction and delivery by a selected number of countries. These countries have formed cartels and essentially manipulate the world's oil prices leaving other countries, which do not have fossil fuels as their own natural resources, at their mercy. Combined with the geo- political situations of most of these countries, the world's oil supply and delivery are in constant danger of major interruptions as has been demonstrated during the Oil Embargo of the 1970's and the Persian Gulf War.
U.S. Reserves as % of World Reserves:
- 23% Coal*
- 03% Oil
- 04% Natural Gas
This raises a profound question, which is: SO WHAT? We care mostly about oil only for the energy it provides. There are other sources of energy. Energy efficiency will continue to improve. We will find ways to harness solar energy that do not require us to pave the world with panels.
The world has an abundance of fossil fuels (oil, natural gas, and coal) that will last through and beyond the 21st century. Globally, about 60 percent of crude oil is consumed as transportation....
