The world will run out of oil around 100 years before replacement energy sources are available, if oil use and development of new fuels continue at the current pace, a US study warns.
Researchers at the University of California, Davis (UC-Davis) used the current share prices of oil companies and alternative energy companies to predict when replacement fuels will be ready to fill the gap left when oil runs dry.
And the study’s findings weren’t very good for the oil-hungry world, reports Hellenic Shipping News.
If the world’s oil reserves were the 1.332-trillion barrels estimated in 2008 and oil consumption stood at 85.22-million barrels a day and growing yearly at 1.3%, oil would be depleted by 2041, says the study published online last week by Environmental Science and Technology.
But by plugging current stock market prices into a complex equation, UC-Davis engineering professor Debbie Niemeier and postdoctoral researcher Nataliya Malyshkina calculated that a viable alternative fuel to oil will not be available before the middle of next century.
In their studies the two researchers analysed the share prices of 25 oil companies quoted on US, European and Australian stock exchanges, and of 44 alternative energy companies that produce fuels such as ethanol or bio-diesel, or are developing fuel cells, batteries and propulsion systems aimed at replacing gasoline and diesel in vehicles of the future.