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3.6 When will the oil run out?

When will the oil run out?
Due to the enormous increase in oil consumption which occurred after World war two, we have already almost consumed half of the world's total oil reserves. A new oil shortage, such as we experienced in 1973 could be expected to occur early in the 21st century.

Such a shortage will in all probability be followed by several major political crises or wars, before the oil supplies dry up some time around the year 2040.