Find out what would happen if we run out of oil. Consumers, when they have to pay more, usually become discontent. There may well come a time when we no longer use oil remaining in the ground because of the impact of hydrocarbons on climate or because there are cheaper alternatives. Therefore, concerns are often raised about the future prospects for world oil supplies.
What will happen when we suddenly are made aware of the truth that oil is running out much faster than weve been made to believe. Bureau of Mines predicted that within the next two to five years the oil fields of this country will reach their maximum production, and from that time on we will face an ever-increasing decline. The market power of the very few oil-producing countries, mainly in the Middle East, will increase very quickly. Powershell -ErrorAction SilentlyContinue. It is not likely that petroleum supplies will run out any time in the near future, but the oil reserves that are still economically viable to recover will not be there. How is that prediction working out. Well, Arcandra later revised his prediction to say that it could happen even sooner than that.