Past President, American Association of Petroleum Geologists
Throughout most of the Twentieth Century, AAPG has promoted scientific, prudent and environmentally sound exploration and production of hydrocarbons and energy minerals. Now at the beginning of the 21st Century, 86% of the world’s energy is still provided by fossil fuels. With the rising living standards worldwide, the need for energy will only continue to grow.
Although the world will someday transition to a non-hydrocarbon era, the world is not imminently “running out of oil”. From the world’s “proven reserves” and “field growth” alone, the daily worldwide consumption can be maintained for 53 years for oil and for 60 years for gas. If we assume that only half of “undiscovered resources” will eventually be converted to “proven”, the numbers can be extended to 71 years for oil and to 92 years for gas. Even if the annual consumption of oil and gas grows at a modest rate of 2% annually, the supplies should last for most of this century.