The hydrocarbon era, world population growth and oil use -- a continuing geological challenge
The world's use of oil, the relationship of world population growth to this use, and what the energy situation might be in the future is a challenge to the geologist. The earth's population doubled between 1930 and 1975 and a comparison of world petroleum use and population growth show similar upward curves. Of the annual fossil fuel resources used in the world, crude oil supplies over 40 percent of the total resources. Petroleum is a finite resource and a projection of world oil production indicates it will peak early in the 21st century. Assuming an ultimate recovery range of 2600 to 3000 billion barrels of oil, 750 billion barrels have already been produced, there are 1000 billion barrels in proven reserves, and 1000 billion barrels remaining to be discovered. The challenge to the geologist will be to find these hidden oil reserves. Recovering this 1000 billion barrels of new oil reserves will require large capital expenditures and, currently, only 60 percent of the capital needed to discover this oil is being spent. With the world's demand for oil increasing, world-wide exploration expenditures are actually decreasing. Simple economics indicates that the reason for this drop in expenditures is that the price of oil is too low to encourage investment. Low oil prices also discourage investment in the development of alternative fuels. There is plenty of oil now, but the world must look to the future and realize present usage rate cannot continue forever. 23 refs., 10 figs.
- OSTI ID:
- 6479747
- Journal Information:
- AAPG Bulletin (American Association of Petroleum Geologists); (United States), Vol. 77:5; ISSN 0149-1423
- Country of Publication:
- United States
- Language:
- English
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