Oil Prices

[sgd]

BP sees glut of hydrocarbons

• THE TIMES
  
• NOVEMBER 04, 2015 12:00AM
  

Taking into account all accessible forms of energy, including nuclear, wind and solar, there are enough resources to meet 20 times what the world will need until 2050, BP says in the report.
Mr Eyton added: “Energy resources are plentiful. Concerns over running out of oil and gas have disappeared.”
The Times

The Times[/font][/size][/color]

After done my own research I realize that while there are other alternative energy around today but there's nothing that can replace oil, If you look at say a vehicle each wheel is made up of 7 gallons of oil, the plastics paints resins that go into it are all made up of oil, the vast amount of energy that is spent that go into smelting the steel aluminium and manufacturing the rest of the car frame the engine is made up of untold billions of barrels of oil.

there's around 700 million cars worldwide, the tires alone takes over 1 billion barrels of oil to produce, there's nothing in the world can replace oil if your tried to combine use of coal wind solar nuclear they cannot replace 700 million cars or anything. What about energy that goes into building ships planes appliances cosmetics chemical fertilizers pesticides to grow our food?

The saudis claim to have 250 billion barrels in the ground, how much of that is already pumped out since the 60's? One also needs to consider gravity as oil well pressure is released extraction gets harder, water can be used as oil is less dense than water how much of their fresh water is diverted for such use? How much energy that goes into desalination to produce water to extract oil? if the saudis claim to have so much oil in the ground then why do they also have around 50 offshore oil rigs? 

Logically speaking if the world guzzles 90 million barrels of oil a day, 1 billion barrels only last 11 days ? And that's just waking up in the morning turn on the light, water heater, cooking stove, commute, run machinery, check your email etc ..