Petroleum from recently discovered sources is just barely making up for the dirth left by old and depleted supplies, according to a report in Nature.
"There is less fossil-fuel production available to us than many people believe," the researchers wrote.
Abundant oil reserves have recently been discovered in Brazil and North Dakota, but research shows that the world's supply has leveled off at 75 million barrels a day. This maximum has arrived a year earlier than originally predicted by the International Energy Agency.
Petroleum powers most of the things associated with societal development and progress today including manufacturing, cars and even other forms of energy such as electricity.
The article noted that the world has used one trillion barrels of oil so far and probably has another trillion barrels worth left below ground. Extracting this second trillion will be much more labor and cost intensive, though.
"We are not running out of oil, but we are running out of oil that can be produced easily and cheaply," the researchers wrote.
Additionally, coal and natural gas, which have both been touted as abundant alternative fuels, may not provide solutions in the long term. The article asserts that their prevalence has been largely overstated.
The researchers highlighted economic repercussions as well.
"If oil production can't grow, the implication is that the economy can't grow either. This is such a frightening prospect that many have simply avoided considering it."
Looking forward, the researchers are proposing that realistic consideration of fuel limitations be included in energy studies, and that this research focus on fuel efficiency and conservation.
