If you plan on spending at least 50 more years on this planet, you may find yourself in a world without oil.
According to a report issued by HSBC, current consumption rates and rates of development will exhaust the world’s oils supply in 50 years.
Because alternatives to oil (biofuels) are not yet able to close the gap of an oil shortage consumers should expect to see significant price increases as demand begins to exceed supply. Densely populated nations and those most dependent on vehicles (China, the US) will be most severely impacted.
Instability in oil-rich nations is also expected to significantly impact supply and costs. For example, unrest in Libya, which produces just 1% of the global oil market, has driven up the cost of oil from $74 per barrel to around $115.
Naturally, the oil industry disputes the report saying that the expansion of land and offshore drilling will yield enough oil to supply future generations.
