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Is the world running
out of oil?
Mirela Costianu
PhD
Eonomic Studies Academy, Bucharest
Tel. number: +0040745989043
Armenis Street no.2,
Bucharest, Romania
Email:
costianu_mirela@yahoo.com
Accepted 15 January 2015
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As Mark Twain said, prophecies are always difficult
to make, that's why nobody can say precisely how
much oil there is in the world and which is yet to
be discovered, for how long will last the oil we
already know about and where it is, how much will we
be able to exploit what we have and what is there to
discover, for how long will the oil last, for how
long we will need it, if we already went beyond the
maximum peak of production and discoveries etc. We
can only analyze the data we have, make
calculations, predictions and assumptions on the
basis of what has been in the past, and what it is
in the present, to hope or, on the contrary, to
prepare ourselves for the worst. But we can't know
for certain. So we try in the following to do it,
without claiming that we know the sure answer to the
question that is on the lips of all humanity.
Further can be found: an analysis on the oil
reserves in the world, starting from the reserves
discovered and put into service (as they were
declared), reserves discovered and unexploited yet,
reserves proven, but still undiscovered and
forecasts, by the experts in the field with regard
to future discoveries.
Keywords:
oil, reserves, Peak Oil, Saudi Arabia, giant
oilfields
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