We hear that the world is running out of oil. But then we read that we have 40 more years of supply with known oil reserves. Who is correct?
Actually, a more immediate danger to world oil supplies are some of the largest oil producing countries, such as Venezuela which is artificially limiting production. And Russia is changing contract terms with foreign oil companies once reserves are identified by expensive drilling.
And ‘The Economist’ says we have 40 more years of oil reserves before any new discoveries.
For some details on this important subject click on the oil links to the right.
