Peak Oil

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I don't know if this is the right forum to post this question - but. . . . Been reading a lot lately about Peak Oil. Obviously, there will come a point in time where oil will be a thing of the past, but just when will that be. According to some articles I've read, Peak Oil has already happened or will happen this year or next. Others put the Peak Oil date from 2020 to 2050. What do you guys think? Should I start digging my bunker now or can I use my backyard for a swimming pool and leave the bunker job for my kids?
 
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I personally think we are never really going to know the real answer to this question. Even with all the sophisticated 'scanning' equipment in the world, oil is very deep in the ground, and there may be more than we can imagine still down there, we just can't see or get to it. It is going to take many years to use all the technology we have to find and get all of it. On the other hand, I think when the end does come, it will be very sudden. There won't be much warning, within a 1-2 year period, most large wells will just dry up 'suddenly', and there won't be any alternatrives. That will be interesting. Will it happen in our lifetime? I don't know, but I hope not! Things will get 'interesting' then, for sure!
 
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This should be in the "General and Off Topic" section. I was reading (can't remember source, but it was reputable) that a number of projects are coming online within the next few years that will increase world oil production by something like 20%. So we're not there yet, but it could happen within our lifetime. I disagree with addyguy that oil will run out suddenly. I believe it will be a very, very gradual decline, and there will always be oil available. It will just get more and more expensive to get it out. The northern Alberta/Saskatchewan oilsands are a good example of this. The reserves up there may be greater than those of Saudi Arabia, but it has only recently become really economical to get it out. Many wells that are not producing anymore simply need more expensive methods to get the oil out. When oil prices get high enough, those wells will flow again too. In my opinion, we have so much room for improvement in the efficiency of our use of energy that, when it comes, the decline isn't going to affect anything but our wasteful lifestyles. Hopefully, future technology for power generation and efficiency will take up the slack!
 
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quote:
Originally posted by GROUCHO MARX: We're all going to be wearing nuclear powered jet packs in about 3 years.
If we're not already nuked by then...
 
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I have read that some experts believe that oil is constantly being produced deep within the earth by chemical reactions that will not be ending any time soon.
 
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