Originally posted by Charon
Historically, you've always been able to find new reserves. I recall an article in the 1911 edition of the magazine I write for (and one written by a leading scientist of the day) where we were going to be out of oil by the 1940s. And this was at a time when gasoline was primarily used as a cleaning agent and coal was king.
The current mainstream (and debated) panic figure is about 45 years or so. If it was 10 to 15 years, then the oil industry and auto industry would already be in the transition stage to fuel cells etc. and be worlking to grab the largest piece of the "new" energy marketplace. They will reisit the technology as long as the current system is more profitable and efficient, but the second that changes (and 15 years is cleary well into the change envelope) they will be positioned to ride the wave.
Charon
It is very likley that new reserves will be found, and even at present rate there will be crude oil available for several decades if not more. The problem is that these oil supplies are expensive to get out of the ground/sea and that alot of those large fields we know about is in very unstable regions of the world. It does not take a lot of production cutting to see a huge rise in price for crude oil, and if you also have the added cost of getting the oil either out of unstable regions and/or drilling it out of expencive "holes" then we have a problem.
Also many of the oilfields that are found today are fairly small and makes drilling for them very "non economic". Technologies such as movable drilling ships etc will rectify this slightly, but the oil they get will still be more expencive for the end user.
The simple fact is that unless we start to use renewable fuels asap we are all gonna face a huge rise in fuel costs with all the effects that has on trade, production and personal transportation.