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When will the oil run out?

Although estimates are difficult the factors which must be included are:

The amount of known oil reserves (this is fairly well known)
The world wide consumption rate (this is difficult to estimate but its unlikely to go down)
The cost effectiveness of finding new oil deposits

Most studies agree with the following prediction:
Peak Production is likely to occur somewhere in the range 1990 - 2010. By 2050, world will be down to 10% of the peak production
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