br1756

Gold and Oil Price Limits

A quick reality check on the above comments.

At 85 million barrels per day, 85x365 = 31,000 or 31 billion barrels.

So a "huge find" of 33 billion barrels represents approximately one year's global consumption at today's rates.

What will limit us in the end will be the rate of extraction long before all the oil is gone, and by this measure it looks like it will be well before 30 years are up before we are down to say, 40 million barrels per day. Simply look up the rate of production from the world's major producers, and apply some of the depletion curves which have already occurred in Mexico, the North Sea, the USA, etc.