Oil, and the price, supply, and demand thereof, is all in the news today, thanks mainly to Bush's declaration that the US should lift its moratorium on outer shelf drilling. This has led to a groundswell of talk about oil and gasoline prices, American dependence on foreign oil (note polling methodology used), alternative fuels, and all sorts of other things.
The problem is that virtually all of this talk is rearranging deck chairs on the Titanic. Unless you're one of those crazy people who believes in the abiogenic theory of oil origin (which asserts that the Earth contains secret, unlimited supplies of hydrocarbons if you just drill deep enough; while it may be the case that some subcrustal hydrocarbons are of nonbiological origin, that fact will not somehow make their supply limitless), there's no way of escaping the fact that the amount of available oil on the planet is either fixed or increasing very slowly, and that we're drawing down that finite supply at an alarming rate. A 2007 report puts world reserves of crude oil at between 1119 and 1317 billion barrels. Meanwhile, the world consumption of oil (per OPEC in 2006) was 78.3 million barrels a day, or 28.6 billion barrels a year. That means we have between 39 and 46 years of oil left at our current consumption rate, after which we will be out.
