Less than 50 Years of Oil Left, HSBC Warns

Mad MaxRecently John Collins Rudolf reported in the New York Times:

The world may have no more than half a century of oil left at current rates of consumption, while surging demand from the developing world threatens to create “very significant price rises” before substitutes like biofuels can serve as viable alternatives, the British bank HSBC warns in a new report.

“We’re confident that there are around 50 years of oil left,” Karen Ward, the bank’s senior global economist, said in an interview on CNBC.

The bank, the world’s second largest in assets, further cautioned that growth trends in developing countries like China could put as many as one billion more cars on the road by midcentury. “That’s tremendous pressure on oil to power all those resources,” Ms. Ward said.

Substitutes, such as biofuels and synthetic oil from coal, could fill the gap if conventional supplies fall short, but only if average oil prices exceed $150 per barrel, the report notes. Increasingly tight global supplies, meanwhile, are likely to cause “persistent and painful” price shocks, it says.

For more information, see original article.

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  • emperorreagan

    The US would have been much better situated for this obvious future if we didn’t elect idiots like Ronald Reagan, who cut funding for alternate fuel programs (like the one my dad worked on with the DOE in the early 80s) for idealogical reasons.

    But nobody ever listens to scientists.  Unless they comment on religion, of course, then they’re all over the papers.

  • emperorreagan

    The US would have been much better situated for this obvious future if we didn’t elect idiots like Ronald Reagan, who cut funding for alternate fuel programs (like the one my dad worked on with the DOE in the early 80s) for idealogical reasons.

    But nobody ever listens to scientists.  Unless they comment on religion, of course, then they’re all over the papers.

  • Simon Ruszczak

    Petroleum is not a fossil fuel, it will never run out.
    Cold fusion can be used instead anyway. 

  • Simon Ruszczak

    Petroleum is not a fossil fuel, it will never run out.
    Cold fusion can be used instead anyway. 

  • ahole

     while i understand it is vital to begin using alternative energy sources, this is fear mongering at it’s best.. with 2 trillion in assets, hsbc still wants to remain at the top with alt energy begins to boom… aholes. how convenient.

  • ahole

     while i understand it is vital to begin using alternative energy sources, this is fear mongering at it’s best.. with 2 trillion in assets, hsbc still wants to remain at the top with alt energy begins to boom… aholes. how convenient.

  • LuCiFeRsHaL0

    Well bud I hate to argue but alternative fuel isn’t going to drive the economy, nor the trucks to get your said product where it needs to go. The US has been hoarding oil for years now so when everyone else runs out we can export and make a fortune well the oil companies so to speak. Ronald Reagan had the lowest unemployment rate of ANY president unlike our current Fuhrer and New Age Hitler NObama. It’s a great idea for those who don’t need larger vehicles for towing or getting around in the snow that larger suv and 4×4 vehicles require. Diesel is a much slower burning fuel than regular gasoline and has MUCH more power than regular fueled vehicles. Hybrids suck. I’ve driven a few and they’re a waste of money and time. I don’t mind paying for fuel that my vehicle needs to keep powered. Scientists are like doctors. They just give educated guesses. Doesn’t mean its going to work all the time or be the right way of doing things. It’s like trying to prove global warming exists and was produced by humans. Its just a THEORY not a FACT. And you criticize Reagan but fail to mention democrats like Al Gore who try to make millions off of idiots thinking spending money to stop global warming is worth it. If you don’t want to use a gasoline or diesel powered car, have your dad build you a car or buy a hybrid and stop whining about it. And I’ll see you broke down on the hi-way because your electric car shorted and has no charge while I’m passing along burning fuel with no problems. I’m not trying to be a dick but ya kinda walked into this one. The oil companies don’t care about us because we are the ones struggling every day. You forget that some of us don’t live in big cities so alternatives like public transportation aren’t available so we have no choice but to drive and fuel our vehicles to get around. I’d like to see you ride or walk a bike 15-20 miles every day to work. I don’t think you would do it. Maybe I should invest in horse and buggy and go old school. Hell if the horse was dropping manure it would be great for the environment for fertilizer right?

    • Jin The Ninja

      your ahistorical, pseudo-libertarian t-party BS isn’t going to persuade anyone to your opinion. While i have my own critical views of the gov’t and corporations/capitalism- these issues are best deconstructed using facts, reason, and a social justice framework. Otherwise you just descend into randian, sociopathic nonsense.

    • emperorreagan

      1. Reagan didn’t have the lowest unemployment rate of any president.  See the chart: http://en.wikipedia.org/wiki/File:US_Unemployment_measures.svg  Look at the curves.  There are curves to the left that are lower.
      2. I never said hybrids were a great option.  You’re arguing against a strawman.
      3. The argument “theory versus fact” is one of the reasons people ignore scientists.  It’s not an argument that stems from reason, though – it stems from ignorance of the scientific method.

  • LuCiFeRsHaL0

    Well bud I hate to argue but alternative fuel isn’t going to drive the economy, nor the trucks to get your said product where it needs to go. The US has been hoarding oil for years now so when everyone else runs out we can export and make a fortune well the oil companies so to speak. Ronald Reagan had the lowest unemployment rate of ANY president unlike our current Fuhrer and New Age Hitler NObama. It’s a great idea for those who don’t need larger vehicles for towing or getting around in the snow that larger suv and 4×4 vehicles require. Diesel is a much slower burning fuel than regular gasoline and has MUCH more power than regular fueled vehicles. Hybrids suck. I’ve driven a few and they’re a waste of money and time. I don’t mind paying for fuel that my vehicle needs to keep powered. Scientists are like doctors. They just give educated guesses. Doesn’t mean its going to work all the time or be the right way of doing things. It’s like trying to prove global warming exists and was produced by humans. Its just a THEORY not a FACT. And you criticize Reagan but fail to mention democrats like Al Gore who try to make millions off of idiots thinking spending money to stop global warming is worth it. If you don’t want to use a gasoline or diesel powered car, have your dad build you a car or buy a hybrid and stop whining about it. And I’ll see you broke down on the hi-way because your electric car shorted and has no charge while I’m passing along burning fuel with no problems. I’m not trying to be a dick but ya kinda walked into this one. The oil companies don’t care about us because we are the ones struggling every day. You forget that some of us don’t live in big cities so alternatives like public transportation aren’t available so we have no choice but to drive and fuel our vehicles to get around. I’d like to see you ride or walk a bike 15-20 miles every day to work. I don’t think you would do it. Maybe I should invest in horse and buggy and go old school. Hell if the horse was dropping manure it would be great for the environment for fertilizer right?

  • D^rail

    I have a horse.  He just needs water and feed. 

  • D^rail

    I have a horse.  He just needs water and feed. 

  • http://twitter.com/mbm218 Mary Elderton

     China may solve this problem, while the US remains committed to disaster.

  • http://twitter.com/mbm218 Mary Elderton

     China may solve this problem, while the US remains committed to disaster.

  • jackedu317

    i refuse to read this… the title alone is complete bullshit… there’s plenty of oil… and we’re finding more all the time… the only people that say we’re running out are the ones producing it… choke the supply off and the demand goes up… $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

  • jackedu317

    i refuse to read this… the title alone is complete bullshit… there’s plenty of oil… and we’re finding more all the time… the only people that say we’re running out are the ones producing it… choke the supply off and the demand goes up… $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

  • http://twitter.com/pocketofsoil Brent DeBoard

     Just as Fallout predicts! The Resource Wars will come in the next 50 years, and the Great War will plunge the earth into a hellfire of nuclear ash and radiation! Better start building vaults, America.

  • http://twitter.com/pocketofsoil Brent

     Just as Fallout predicts! The Resource Wars will come in the next 50 years, and the Great War will plunge the earth into a hellfire of nuclear ash and radiation! Better start building vaults, America.

  • SoonerTheBetter

     Good…the sooner it runs out, the better…will finally force us to come up with some legitimate, renewable alternatives. I hope it dries up in the next five years (obviously that is not going to happen, and while I am wishing, there are several other things on my list for our species and this planet…)

  • SoonerTheBetter

     Good…the sooner it runs out, the better…will finally force us to come up with some legitimate, renewable alternatives. I hope it dries up in the next five years (obviously that is not going to happen, and while I am wishing, there are several other things on my list for our species and this planet…)

  • http://profiles.google.com/saintzedofourlostyouth R Z

    your ahistorical, pseudo-libertarian t-party BS isn’t going to persuade anyone to your opinion. While i have my own critical views of the gov’t and corporations/capitalism- these issues are best deconstructed using facts, reason, and a social justice framework. Otherwise you just descend into randian, sociopathic nonsense.

  • emperorreagan

    1. Reagan didn’t have the lowest unemployment rate of any president.  See the chart: http://en.wikipedia.org/wiki/File:US_Unemployment_measures.svg  Look at the curves.  There are curves to the left that are lower.
    2. I never said hybrids were a great option.  You’re arguing against a strawman.
    3. The argument “theory versus fact” is one of the reasons people ignore scientists.  It’s not an argument that stems from reason, though – it stems from ignorance of the scientific method.

  • FeathermerchantUSMC

    Super Hi-Octane Biofuel is PEOPLE!!!
    WAKE UP YOU FOOL!!
    IT’S PEOPLE!!!!!

  • FeathermerchantUSMC

    Super Hi-Octane Biofuel is PEOPLE!!!
    WAKE UP YOU FOOL!!
    IT’S PEOPLE!!!!!

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