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The real issue is when will production of oil be insufficient to cover demand? That largely depends on demand, not on reserves. But today, the world is approaching what geologists call "peak oil", the point at which daily demand will exceed supply. When this happens ? the prices of crude oil could go well higher than $100 per barrel. (Oil Reserves, Production and Consumption).
I think that the government of all developed nations should come together and more research needs to be done in the area of alternative fuels, such as methanol, natural gas, electricity, and propane because of their lower emission of toxic fumes into the atmosphere...
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