I have been reading a lot about how easy-to-get Oil is running out.

[raccoon]

And I totally believe it. But somebody, riddle me this: why is gas so cheap now?

I know More oil is available because of Fracking, the tar sands oil and so forth.

Even so, I can't understand why it's so cheap now. Not that I'm complaining.

[Lochloosa]

1. Lot's of articles on this. BP estimates 53 years left. That will change as we move away from oil.

Don't think we will run out.

Oil is one of the earth's most valuable non-renewable resources, and these types of resources are named so because they are-well, non-renewable. Although there is plenty of organic matter that could potentially become oil over the next few million years, it is likely that humans will one day see the end of black gold as we know it.

So just how much oil do we have left? For decades, oil production has been steadily increasing, and energy experts have been attempting to calculate when we might run out. Those that have been following along will note that, despite the warnings of many would-be Nostradamuses, production is still on the rise and previous dead-end predictions have been pushed back.

The difficulty with estimating the amount of oil available for human use comes from varying definitions about how we should calculate our potential reserves. For example, one of the most-cited estimates comes from BP's BP prediction made on World Energy Day in 2014; based on reserve estimates of 1,687.9 billion barrels, BP claimed the earth has enough oil left for about 53 more years at current production levels.

http://www.nasdaq.com/article/how-much-oil-is-left-in-the-earth-cm711409

[haele]

2. The price was inflated to begin with.

and we have a crapload of oil reserves that are being sat on. Energy companies - as oil companies no longer specialize in oil - have long-term strategies they're working on; they know how much the market can bear.

Oil will grow more and more expensive in actuality over the next 20 years; by that time, the energy companies will hope to have the latest "new energy source" locked in as a monopoly to make money on, leaving petroleum and other fossil fuel to linger on as a manufacturing resource instead of as an energy source.

Haele

[HeartachesNhangovers]

3. Oil prices fluctuate constantly based on global

supply and global demand. It looks as if prices will be trending higher based on recent sustained demand increases, (unless producers manage to flood the market):

[link:https://www.iea.org/oilmarketreport/omrpublic/|

GAS prices tend to follow oil prices, but they usually lag. Plus, they are subject to local cost factors. For example, in California, the government makes more money on transportation fuel than the fuel producers make, because the excise taxes are so high. Which is why CA gas prices are always significantly higher than other regional markets.

[The_Casual_Observer]

4. Well, no more oil is going to be made for a long long time. It's being consumed

at an unimaginable pace. 50 years isn't a long time in the scheme of things.

[SonofDonald]

5. I worked in the oil industry in Alaska

For a rather large oil company, i did oil charters in the St George Basin starting in 1984 and went on from there.

I've talked to a lot of higher ups over the years and was told by them back in the mid 80's that there were known reserves for at least another 100 years and much more they had to create the technology to get at.

But the demand has risen since then, I just hope we can get off of oil dependency before we can't reverse climate change.

But I don't see that happening, especially with the dotard in charge.

[procon]

6. Peak Oil?

At some point in the near future, oil and natural gas production is expected to peak because we have exhausted the easily accessible oil sources. After peak oil, extraction will become increasingly more expensive.

Prices vary with supply and demand. Its summer, it's hot, other energy sources will be utilized, and natural gas, renewable energy sources are cutting into the fossil fuel market.