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Research Question: Are We Running Out of Oil?

by findsteps
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Research Question: Are We Running Out of Oil is an important resource that is almost indispensable for living. We need oil for lighting, energy, and mobility. Are we running out of oil? To answer the question, we review the perspectives from institutions and agencies deemed authoritative on the matter. We also examine the studies from the most authoritative experts.
One such perspective is from the International Energy Agency (IEA) which is an organization established by member countries of the Organization for Economic Cooperation and Development or the OECD. As of 2010, the OECD consisted of nearly 28 countries, including such countries as the United States, the United Kingdom, Korea, Japan, Canada, Germany, France and Australia. In the function of the IEA, the European Commission also ‘participates’ as written or expressed in the IEA papers.

The overview situation from the IEA viewpoint is that “global production will one day peak, but that peak will be determined by factors that affect both supply and demand” (IEA, World Energy Outlook 2010 Executive Summary, 6). IEA statistics and projections show that demand for oil (excluding demand for biofuels as opposed to fossil fuels) will continue to rise steadily to 99 million barrels per day (mb/d) or 15 mb/d higher by 2035 relative to 2009. According to an IEA forecast, all net growth will come from non-OECD members, about half of which will come from China alone. Demand growth from non-OECD member countries would be driven primarily by demand for transport fuels (IEA, World Energy Outlook 2010 Executive Summary, 6).

Research Question: Are We Running Out of Oil?

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