Oil Shortage Facts & Statistics

Oil is not an infinite resource. In fact, we have been running out of oil since we first discovered it. However, due to rising demands, the threat of an oil shortage is more apparent. While there is no clear-cut answer to when the oil will run out, it is inevitable that it will.

Theories

Possibly the most popular theory on the oil shortage came from Shell Oil geologist M. King Hubbert. Hubbert charted oil discovery and production and came to the realization that both seemed to follow a bell curve. In 1965, Hubbert predicted that oil would peak between 1965 and 1970. It turned out Hubbert was right, and oil production in 1970 was higher then ever before. However, it is not certain that oil production reached its highest peak at the time, as future production may be higher.

The Rising Rate of Oil Demands

While the production of oil in the United States peaked in 1970, the demand for oil has continued to rise, leading the United States to import the majority of their oil. According to Nation Master, the United States consumed 20,680,000 barrels of oil per day in 2007. The second-leading nation, China, consumed 7,578,000 barrels per day. These numbers are expected to rise as civilizations continue to modernize.

Human Causes That Affect Oil Supplies

Cars are largely to blame for oil shortages. As of 2010, oil production has been weaning while the amount of cars on the road has grown. According to the U.S. Energy Information Administration, two-thirds of the oil in the United States is used for gasoline.

Natural Causes That Affect Oil Supplies

Weather plays a part in the production of oil and shortage as well. For example, as of 2010 Texas, Louisiana and Mississippi are responsible for 46 percent of the oil production in the United States, according to Energy Tomorrow. When hurricanes strike these areas, oil production is typically slowed if not stopped completely. This causes a rise in gasoline prices and lowers the United States oil reserves overall.

Alternatives to Oil

In a response to the oil shortage crisis, governments, scientists, and automakers alike have begun looking for alternatives to oil. For example, modern hybrid cars use a combination of battery power and gasoline to run. This allows the car to last much longer on a single tank of gas than its predecessors.

Peak Oil Primer, Post Carbon Institute
Oil Consumption by Country, Nation Master
Global Oil Consumption, U.S. Energy Information Administration