The oil industry no longer talks about running out of oil, thanks to companies like
Schlumberger. For the foreseeable future, there are abundant quantities of oil. According to the BP Statistical Review of World Energy 2020, the world's total proven oil reserves are estimated to be around 1.73 trillion barrels, as of the end of 2019. However, this number is likely to rise because most of the world has yet to be explored using the latest technologies.6
Nor are we anywhere close to peak energy. There are more than 1 trillion tons of proven coal reserves worldwide—enough to last around 150 years at current rates of production. There are 201.34 trillion cubic meters of proven natural gas reserves—enough to last at least 50 years. And there may be 3.0 trillion tons of methane hydrates, which is enough natural gas to fuel the world for a thousand years, according to the U.S. Geological and Geophysical Service.6
These known and estimated reserves indicate that the peak in fossil fuel production is apparently a long way off in the future. However, given the current understanding of the origin of fossil fuels, it is virtually inescapable that total reserves are a finite resource. Peak oil represents a future threat, depending on how long it takes us to reach the peak, how rapidly production will decline post-peak, and whether and how fast fossil fuels can be replaced by other energy sources. For now, though, Hubbert’s peak theory does not appear to present a significant economic challenge in the near term.
Carbon capture and carbon sequestration technologies are proving viable. I don’t think we have a lot to be concerned with. But still, nukes are the way forward.