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Originally Posted by he-fox
Canada's reserves are about 178.8 billion barrels (tar sands included).
World's supply in 2006 is 84 million barrels/day = approx 30 billion barrels a year.
Now, how the hell can Canada supply the world for the next 200 yrs?
The total world oil reserves are now about 2.013 trillion barrels. That will last for 66yrs. Now, they are discovering new reserves, but in lower quantity that the actual consumption. In like max. 100 yrs bye-bye oil!
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Depending on who's stats you read, it's around 300 billion now and in a few more years will reach over a trillion as the tech to extract it improves. It will probably go up even more over the decades.
Keep in mind also that as the tech improves, not only will Canada's reserves increase, but so will those in Venezuela.
In addition, there is more oil in the earth. For example, there's an estimated 2+ trillion in Colorado, Utah, and Wyoming. But that's even hard to get at than the tar sands. But as the need arises, the technology will be developed and it will become available.
The current "cheap" oil might run out in 100 years, but there's plenty more to be had for centuries to come.
Oh. And I probably got the 200 year number wrong, it was probably only 100 years. All I know is that the current mania is justification to keep the prices high and rake in the profits.