Crude oil is the most dominant product of the world as it is currently the primary source of energy production. Undoubtedly, crude oil is the lifeline and backbone of the world. Crude oil is not only essential for modern society. But the economies of many countries are very much dependent on it.
But what would happen if we ran out of oil? Indeed, it would be a pretty serious event. Similarly, one big question is how much crude oil left on earth.
What is Crude Oil?
Crude oil is the raw fossil fuel present inside the earth. After taken out of the ground, it is sent for refinement to produce products like petrol, diesel, jet fuel, and various other petrochemicals. Crude oil also often called “Black Gold”.
Importance of Crude Oil?
Today, the world’s economy is mainly dependent on crude oil, and the demand is increasing. In addition, a small number of countries control the largest reservoirs. Like any industry, supply and demand heavily affect the prices and profitability of crude oil.
Currently, the United States, Saudi Arabia, and Russia are the leading producers of oil.
| Country | Million barrels per day | Share of the world total |
|---|---|---|
| United States | 18.60 | 20% |
| Saudi Arabia | 11.01 | 12% |
| Russia | 10.50 | 11% |
| Canada | 5.29 | 6% |
| China | 4.93 | 5% |
| Iraq | 4.16 | 4% |
| UAE | 3.79 | 4% |
| Brazil | 3.78 | 4% |
| Iran | 2.81 | 3% |
| Kuwait | 2.66 | 3% |
What would happen if we ran out of Oil?
Our world is a global civilization and is heavily dependent on a huge supply of crude oil. Between 1965 and 2005, there has been an increase in demand for crude oil by about two and a half times. Additionally, We are using twice as much coal and three times more natural gas.
At present, crude oil creates around 33% of global energy needs. Coal is around 30%, and natural gas comes in third place at around 24%. That totals around 87% of global energy needs.
If we ran out of oil and petroleum, this would potentially create various serious problems.
We depend on crude oil for pretty much everything, like transportation, motor fuel, petroleum products, etc. Petroleum byproducts make tar, asphalt, paraffin wax, and lubricating oils. Oil and other fossil fuels are also necessary for the production of electricity.
It is also used in chemicals, such as fertilizer, perfume, insecticides, soap, and vitamin capsules. Around 40% of textiles contain some petroleum byproduct (Clothings). We cannot list the whole items list there are many more. Directly or indirectly world requires crude oil.
Therefore, the loss of this resource (crude oil) would have a powerful and terrible effect on world civilization.
How much Crude Oil left on the Earth?
We don’t know how much oil the earth has. Undoubtedly, crude oil and all other fossil fuels are finite resources. Oil reserves depend entirely on the discovery of new pools and the availability of technologies to exploit them.
On the other hand, the British Petroleum’s Statistical Review of World Energy’s report says we should have enough oil to last until 2070. According to current consumption and production around the world. In short, approximate 50 years left for crude oil to be depleted.
How Can World Stop Dependency on Crude Oil?
Many countries are leading producers of oil. They took various benefits from it. Likewise, they are wealthier, economically powerful and stable. Some have a strong military. Most of these countries try to run or blackmail other countries in the name of crude oil and fulfil their required demands.
Many countries are dependent on crude oil. To run their country, they need oil. In this sense, as oil begins to become restrictively costly in the future, consumers will start to shop for alternatives. Furthermore, if no reliable or realistic alternative found, methods to use current resources more efficiently will be explored.
Electric vehicles are the only viable option available that will help reduce the use of crude oil. The world needs to find an alternative by the time crude oil gets over. Although working on electric vehicles has already started by manufacturers, and TESLA has kept its foundation.
Shifting to different energy source may take time, and it will gradually happen. We can’t change the crude oil ecosystem in one go. However, change has started with our electric two-wheeler and passenger vehicles. Undoubtedly, the changes will extend to transport vehicle and other petroleum-based products. This move will limit the use of crude oil.
For extending the range of electric vehicles, research is going on for the best solution. Currently, EVs are using a Lithium-ion battery, and this battery comes with some significant limitations. Alternatively, work on the Aluminium-air battery is in progress and may take the place of lithium-ion.
Furthermore, hydrogen as a fuel is also seen as an option. But there are some big complications while using it like storage, cost of vehicles, etc. Also, by using the alternative of oil, we can increase the time of oil depletion. In addition to this, we can use the oil for selected products for a long time.
In India, the transport sector accounts for around 70% of the total diesel sales in the country, it is an appropriate environment for a transformation from traditional fuels to electric motors.
First, India has to create a building for electric vehicle (EV) supportive infrastructure for new electric buses to the public transportation system, mainly to facilitate a smooth take-off of EV bus services.
Within the transport sector, trucks alone account for around 28% of diesel consumption. Thus, creating dedicated electric corridors for trucks on the highways could go a long way in reducing oil imports.
Generally, savings from reduced oil imports could be used to finance infrastructure projects, which are crucial for India’s long-term growth prospects.
Countries need to add more renewable sources of energy like
- Solar energy
- Wind energy
- Hydro energy
- Tidal energy
- Geothermal energy
- Biomass energyย ย
These energies not only help us to reduce the use of fossil fuels but also save our environment. Although many projects are on the way, and we might see some positive things in the future.
Like, the One Sun One World One Grid (OSOWOG) project. The concept behind the OSOWOG is to supply solar power to solar deficient countries. Prime Minister Narendra Modi first kept this idea during the first assembly of the international solar alliance in the Year 2018.
End of Oil or End of Demand?
Even if oil reserves will never exhaust (which is not going to happen), that doesn’t mean the quality of what remains is useable.
In most reserves around the world, what remains underground tends to be of poorer quality. Most are “heavy” or “sour”.
Furthermore, the production of oil depends on demand and the development of technology. Vehicles are now getting more fuel (Oil) efficient. Moreover, new technology such as electric cars or hybrids is now slowly grabbing the market, which will eventually decrease the demands of oil and dependency on it.
OPEC countries (Total 13 Member – Saudi Arabia, UAE, Kuwait, etc.) have also started planning to diversify the GDP sources. Crude oil resources will end someday, everybody knows it.
As said by American Astronaut Late Neil Armstrong, “That’s one small step for man, one giant leap for mankind”. In short, this might be a small step, but this will decrease the demands of crude oil and have less dependency on it.