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I personally believe it was global and therefore, we haven't even touched base on the real tapping of fossil fuels on and in the Globe.
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Do you have any familiarity with how oil is searched for and where has been searched, or are you just assuming?
There is a finite amount of anything on the Earth (the Earth has a finite size). There is no question that consuming oil will result in an exaustion of supply (as the supply is not really renewing at an appriciable rate), the only question is "when".
Once upon a time there was a guy named Moore who predicted that the transistor density you could put on a chip would double every 18 months. It was shown, despite the doom-sayers about increases in core-speed, and increases in performance not being able to maintain, that leaps in technology kept pushing back that "wall" at the end of the performance race.
Then, eventually, we started to hit it after all. The early estimates on when had been wrong, but it was there. Speeds over about 3GHz became unstable, the thermal loss made chip dies hotter than the core of nuclear reactors, and some powersupplies needed 220v lines to run.
The MHz race is over. The next gen of processors from Intel are slower (though hopefully offering better performance) than their predecessors; processors with more transistiors are being abandoned in favor of multi-core processors; but even though can only offer performance improcements where there are excess threads that can be pawned off.
I'm not saying that we are at the end of the processor road, I don't think we are. Nor am I saying that we will not find a way to access oil we currently cannot (much as we found that pumping seawater into oil reserves pulled up more oil), I think we will. But there is still a finite amount, and the rate of consumption is increasing exponentially.
The US has 5% of the worlds population and traditionally consumes 50% of the worlds oil. China and India together have 40% of the worlds population and are rapidly moving towards our consumption habits.
If they achieve it, that would, by itself, result in a 400% increase in oil consumption in the world. Worse, in fact, because they have even less in the way of conservation than we do.