HSBC Bombshell: Oil Will Run Out in 50 Years

[marmar]

from GOOD:




HSBC Bombshell: Oil Will Run Out in 50 Years

Ben Jervey
Contributing Editor, Environment

April 1, 2011 • 8:30 am PDT


The senior global economist at the world's second largest bank warned that the global oil supply might run out in under 50 years.

"Energy resources are scarce," wrote Karen Ward, HSBC's senior global economist in a research report that was obtained by CNBC. "Even if demand doesn’t increase, there could be as little as 49 years of oil left."

Speaking on CNBC, she raised her estimate by a year. “We’re confident that there are around 50 years of oil left...There's possibly more out there, but the confident estimates are around 50 years."

Here's Ward on CNBC: http://www.good.is/post/hsbc-bombshell-oil-will-run-out-in-50-years/

[Horse with no Name]

1. Where are the folks that denounced Peak Oil? n/t

[groovedaddy]

2. Oil will never run out. Why? It will become so expensive that it will be un-affordable.

As this happens, far less expensive alternatives will take the place of oil.

[Javaman]

4. Expensive is relative..

Since the US economy is based on oil, a massive run up in it's price will kill the economy.

So yes, it will be massively expensive but only when it's reflected against what ever the current rate of inflation is at that time.

But if it actually gets to that point, we will have a lot more to worry about than the price of oil.

[Botany]

3. Drill Baby Drill

http://www.youtube.com/watch?v=Zmu6uts0SGw&feature=related

[madrchsod]

5. cool ,my oil stock portfolio will go through the roof !

you know there are people out there celebrating the news

[greytdemocrat]

6. Well

I see the words "might" and "could". That doesn't mean WILL. Jeeze...

[Octafish]

7. Hmn! That would explain all these wars we've been having.

War Inc. needs the grease.

[in_cog_ni_to]

8. Ummm...hasn't this been known for at least the last 10-15 YEARS?

Wind? Solar? Thermal? Anyone? Hello!

[Jkid]

9. Start preparing for a new way of life with use of little oil as possible NOW.

I mean NOW, I mean NOW! I don't care if it's the end of the American way of life, we can redefine that. Either that or there won't be an economy.

[xchrom]

10. recommend

[cali]

11. lol. this is a bombshell? hardly news.

[RickFromMN]

12. I hope this link to this comic works, every time I hear Drill Baby Drill, I think of this comic.

http://www.cartoonistgroup.com/store/add.php?iid=47913

[NeedleCast]

13. Tired of This Speculation

I've been hearing that the Oil will run out in 10 years, 20 years, 50 years, etc. since I was old enough to understand what that meant in the 80s. Thirty years after "they" predicted the oil will run out in 20 years, we're still pumping it up. I have no doubt that oil will eventually run out and that we need to be moving to alternative power sources soon, but this alarmism is counter productive. It is the story of the boy who cried wolf.