Do we run out of oil?

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Abstract

Oilprices are breaking record after record. While newspapers and oilcompanies blame the Chinese, more and more geologists are saying whe are simply running out of cheap oil. Since 1961 we found less and less new oil reserves, since 1981 we started to consume more oil then found in new reserves. Currently we consume 4 barrels of oil for 1 barrel found in new reserves. Dissidents from the oilindustry itself are saying we will see a supply shortfall in 2007.

According to a new study by the Department of Energy in the US making a transistion form oil to other forms of energy takes at least 20 years and will take huges investments. And energy is just one of the things we need oil for. Almost everything form clothing, computers, drugs , even solarpanels is made out of oil.

When oilproduction declines, our way of live will change forever.