HSBC Bombshell: Oil Will Run Out in 50 Years HSBC Bombshell: Oil Will Run Out in 50 Years
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HSBC Bombshell: Oil Will Run Out in 50 Years

by Ben Jervey

April 2, 2011

The senior global economist at the world's second largest bank warned that the global oil supply might run out in under 50 years.

"Energy resources are scarce," wrote Karen Ward, HSBC's senior global economist in a research report that was obtained by CNBC. "Even if demand doesn’t increase, there could be as little as 49 years of oil left."

Speaking on CNBC, she raised her estimate by a year.  “We’re confident that there are around 50 years of oil left...There's possibly more out there, but the confident estimates are around 50 years."

Here's Ward on CNBC:

Peak oil theorists are pretty regularly brushed aside as whackos and nut jobs (and I certainly know plenty who fit that bill). But when the top economist at the second largest bank in the world (based on assets) is saying that we've got five decades of oil left, it's worth paying attention.

Yet another reason why the only way to to ensure our energy independence and security is to reduce our dependence on all oil.

Ben Jervey More Info

Ben is a writer and editor covering climate change, energy, and environment, and is currently the Climate and Energy Media Fellow at Vermont Law School. He was the original Environment Editor at GOOD Magazine and his work has appeared regularly in National Geographic News, Grist, DeSmogBlog, and OnEarth. He recently worked with the non-profit Focus the Nation to publish an Energy 101 primer. When living in New York City, he wrote a book, The Big Green Apple, on how to live a lower impact life in the city. A bicycle enthusiast, Ben has ridden across the United States and through much of Europe.
Some recent articles by Ben Jervey:
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HSBC Bombshell: Oil Will Run Out in 50 Years