What happens when the oil runs out?

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>>958013

It won't

And we would have found something else by then

>>958013
We'll start drilling in our backyards, dumbass

At the moment there's no indication that we are going to run out.

>>958013
More interestingly, what happens when we use up half of all the oil?

My bet is XOM, BP, Shell, all of them have their stocks skyrocket, price of oil through the roof, and anyone onboard that rocket is a millionaire overnight

The follow up is, that the above doesn't happen if a viable alternative to oil is discovered and implemented on a large scale.

So, which happens first? We use half the oil or we mass implement an alternative energy source?

Place bets, I mean, stock choices appropriately

As you say by the time we reach the peak oil phase and start the decline dependency on oil might decrease as well.

>>958013
it wont - it will get too expensive to drill and then that will give incentive to find something else

Yknow, I've always heard the whole "oil will run out in ~150 years" argument, but how do geologists determine this? They don't have any fucking idea how much oil is in the ground, realistically. I mean, Chevron just discovered a new oil well in the Gulf of Mexico at the end of October. Also the Israelis just discovered some massive oil well that will rival the Saudi's.

So my question is this: how can they make am accurate estimation without having any inkling of an idea of how much oil is actually in the ground?

don't worry, life will end before oil does.

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It won't run out, it will just get more and more expensive to discover and produce. You'll have to drill deeper or go further and further offshore, all which is not cheap. Fracking won't save you either because a fracked well's productivity dramatically declines after a couple years, then you'll have to find another location to frack another well. Pic related

>>958013
nuclear plants powering nearly everything through electricity and arabs back riding camels

>>958037
that doesn't make any fucking sense. It's not like half of the oil would just disappear instantly so there obviously wouldn't be such a strong reaction

>>958048
Tbh geologists just make those statements in papers that are circle jerks scrutinized by other geologists. They all apply for grant money that becomes their salary and beefs up their resume so all these statements are to push the government to give hand outs and they will "discover" a solution or a way to better study it. They're quacks

Fresh positions opened today on VNR and VNRAP. Wish me luck.

>>958013

Probably society will listen intently to previously marginalised internet experts

Cynical, pessimistic people who tune in to Alex Jones and related doom/conspiracy material will be in hot demand and will become highly respected

>>958123
Makes sense

Also when did they remove the filter?

https://www.youtube.com/watch?v=DZCm2QQZVYk

https://youtu.be/PNjIWeDnz4E?t=46s

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It won't run out it'll just be too expensive to extract, with current oil prices this is already the case. Conventional oil production peaked in 2005 and all recent expansion has been with unconventional sources which require high prices to be feasible.

Expect a supply restriction when the American oil production drops which will cause the price to skyrocket and expansion to resume, wild price fluctuations will become the norm.

The restricted oil supply and high prices will bottleneck economic growth and meme(green) energy will struggle to replace it, leading to poor economic growth decreasing prosperity.

>>958373
The fact that we're using oil sands and fracking is already proof we've hit peak oil, people think fracking is some miracle technology that solves everything when it's been around since the 60's but it's only been economically feasible until recently.

>>958373

Except that America has enough shale oil underground to power our needs for 100 years, literally. And with technology improving at brakeneck speed it's only a matter of time until it becomes safe enough to start drilling in the EU's reserves.

Regardless, with how much BP and Shell are investing in renewable energy the alternative to oil will come long before shale runs out.

>>958382
>it's been around since the 60s
Woah. Thats like saying 1080P HDTVs have been around since the 40s. The skyhigh price of oil wasnt what made fracking feasible, it was just what made CHK and special friends take out autism loans to fuel unstainable capex. They over-pumped and crashed the market faster than a drunk cat at a dogparty. Let a few shale cos go BK, Saudis figure out oilaholics anonymous dont run shit anymore and once He Who Must Not Be Stumped fiyahs Ayatollah Obama we should be back around buck, buck20 barrels of seabird grease.

>>958382
>peak oil meme

>>958408
wat

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>>958388
>100 years
At present rates*

If energy use doubles that becomes 50 years, and if it doubles again that becomes 25 years. Suddenly that's not very much.

>>958013
The real question is: how are you going to cash in on it?

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>>958488
I've reread that post about 20 times.

>>958408
You fucking landmen shouldn't post on 4chin while you're drunk at a tittie bar in Houston.

>>958013
The prices for Diesel generators will drop, d'uh

>>958512
Those are two very big if's.

>>958408
This is one of those things that seems so insensible that it could only have been written by someone who knows exactly what they're talking about.

>>958013
It will never 'run out'.

>>958037
>half of all the oil?


This is a meaningless concept.

>>958048
Oil companies will only pay for geologists to look for more oil if the oil they have is enough for the next 30-40 years. That's why we have always been 'running out' for the last 100+ years.

>>958026
>no indication

Regardless of what moment, arnt the concepts of finite resources and 2nd law of thermodynamics a pretty solid indicator the party wont last forever?

>>958048
Statistics of known distributions, and a simple understanding that oil comes from the carboniforrus period which had a limited, determinable, quantity of trees that could have converted to oil over the eons. The more we understand the past, the better we know the present. A science like geology has been working hard for a few hundred years ya know...

>>958123
and yet... this is only a slightly exaggerated reality


>>958013
And to definitively answer the question in one word

Fussion

>>958013

Who cares since all of us will be dead by the time that happens.

Oil is finite, sure, but there is still loads of it. The more pressing issue would be when it became so expensive that no one could afford it. Either way that seems t be a long way off, and by then we will have a firm grip on electric cars, more advanced batteries, nuclear and alternative power and hopefully alternatives for plastics etc. So oil will eventually become a meme resource where we will all scoff and joke about the pleb countries that still rely on oil and oil accessories.

>>958408
>WTFF you talking?
>RUOK?

We'll stop using it long before it runs out. You really think one day we'll all be standing around the last oil well, collecting the last barrel and the world will be like "shit, what do we do now?".

The problem isn't oil, it's energy. If you have some sort of energy, preferably electrical, you can make literally everything we need forever with high efficiency as well. You can make any hydrocarbon you'd need from scratch (even though we don't really need hydrocarbons that much, 90% is simply burned).

So for now, oil, coal and gas are simply the cheapest energy sources, and in a couple of decades other alternatives might be more profitable and we'll just switch to that. Be it solar or fusion or some meme-tier energy sources like geothermal or tidal. It doesn't matter, money rules and balances the world. Remember when oil was 110 and suddenly stores were using bio-plastics all around? That was because briefly the price of PLA (poly lactic acid) dipped below that of PE (poly ethylene).

So oil running out will not be very spectacular, it'll happen gradually and in fact is already happening. The world oil consumption per capita has been falling ever since the 70's.

>>958013
We all drive teslas and talk about the good old days.

>>958013
Electricity
Solar energy
Wind energy
Nuclear energy
Hydroelectric energy

>>958713
Not as big as you might think. Residential energy use goes down because of progressively more efficient shit, but industrial use has been steadily skyrocketing since the industrial revolution.

It ain't simple to make your highly efficient gizmos, and the average person these days has literal tons more useless shit than someone decades ago.

>>960257
>The world oil consumption per capita has been falling ever since the 70's.
Hasn't GDP growth been falling since then as well?

Since we're talking about cars. You forgot bio fuel

>>958013

They will synthesise it. Hell the Germans were doing it it the 40's. They even used some of that industrial capacity to kill the Jews if you believe the muh 6 billion tales.

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>>958017
YASSSSS!!!!!

>>960290
Solar energy
Wind energy
Nuclear energy
Hydroelectric energy
plus Fusion reactor energy that will exist in 2020

>>961686
2020 both scares and excites me. I'll be 31, which sucks, but I'll have spending cash even after putting 20% down on a house. I'll finally be free from bullshit future mandatory cash dumps.

Oh god please arrive sooner.

>>958013
Hopefully people start buying electric cars and building nuclear plants

Otherwise we're fucked

Suddently America would be less racist towards Arabs.

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there are more oils thAN are people in englando, we WON@T run out!!

the aliens will give us more oil

>>958643
They have to spend their severance money somehow. Lord knows they won't find work in the next 5 years...

We'll stop using plastic. That's pretty much it. Shell is already rolling out hydrogen tank stations.

>>958037
Peak oil. Already happened faggot

>>963529
Peak oil is a myth.