The idea that we are running out of oil is not a new one. Scientists have told us that oil is a limited resource which was formed millions of years ago by the decaying vegetation and biomass of extinct species of plants and animals. With an estimated 1- trillion barrels of oil already extracted from deep wells since commercial drilling began around 1870, many predict that we are nearing the mid-point of remaining oil on the planet.
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Estimates of how much crude oil we have extracted from the planet vary wildly. As late as May of 2009 a report published in the International Journal of Oil, Gas and Coal Technology suggested that we may have used more than we think.
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