Oil: The Illusion Of Plenty - Peak Oil Article

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Article on oil depletion from Alfred Cavallo

"One hundred and twelve billion of anything sounds like a limitless quantity. But in terms of barrels of oil, it's just

a drop in the gas tank. The world uses about 27 billion barrels of oil per year, meaning that 112 billion barrels - the proven oil reserves of Iraq, the second largest proven oil reserves in the world--would last a little more than four

years at today's usage rates.

In the future, 112 billion barrels will likely prove even shorter-lived. In the United States, gas-guzzling sport utility vehicles and larger homes are deemed essential. As the underdeveloped world industrializes, demand for oil by

billions of people increases; China and India are building superhighways and automobile factories. Energy demand

is expected to rise by about 50 percent over the next 20 years, with about 40 percent of that demand to be

supplied by petroleum."

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