It is not something I worry about, but for those of you who believe we are running out of oil:
With no new oil whatsoever, this would last over 40 years. But that is not even a relevant economic issue. If you are worried about fossil fuels and climate change, this chart should worry you. A question for the doomsdayers: how can it be that we use more and more oil, it is limited, evil corporations try to restrict output to keep prices higher, etc. yet we have double the “reserves” today than we had 30 years ago, all the while using oil at rates that should have depleted the “known” reserves from 1980? To an economist, the answers are obvious.