The Future of Oil

Oil, which plays an important role in modern industrial society, is a finite mineral resource being consumed at an ever increasing rate. This paper considers the general nature of oil occurrences, and examines the whereabouts of existing oil reserves and the rates at which they have been found. It also considers estimates of likely future reserves and how these compare with apparent demand. Brief mention is made of the alternatives to conventional crude oil. The conclusion is reached that we are likely to be dependent on conventional crude oil for a few decades and that the likely available world reserves may prove inadequate to allow continued expansion of our rates of off-take for more than another ten years or so. Alternatives are available but the implications of extra cost will have serious repercussions on the economics and social patterns of our society.

Published in: The Geographical Journal, Vol. 138, No. 3 (Sep., 1972), pp. 287-297
Available from: JSTOR