This doesn’t mean that at some time in the future the last drop of oil will be extracted, as some might think; it’s a little more complicated than that, as I’ll explain.
Oil companies first go for the “low-hanging fruit”, the land-based, easy-to-extract reserves. Last century, in the United States and Middle East over a hundred barrels of crude oil could be extracted by “spending” the energy of one barrel of oil. This is expressed as Energy Return over Energy Invested, or EROEI. As terrestrial oil reserves have been depleted, oil companies have turned to the harder stuff — offshore, deep sea, bitumen sands, and most recently, fracking, yielding lower and lower EROEIs. At the moment the world average EROEI is about 15, but the Canadian bitumen sands yield about five. Once the world average gets below five, so much energy has to be spent finding and extracting more that there isn’t enough left over for things we consider essential, such as health, education, scientific research, etc.
And what should be concentrating our minds with even greater urgency is the fact that fracked wells deplete extremely rapidly, so more and more have to be drilled just to maintain extraction, like the Red Queen in Lewis Carroll’s “Alice through the looking glass”. With most of the best areas exploited, the fracking boom is coming to an end sooner rather than later. And then we shall have a very forceful reminder of what is meant by “sustainability”.
Humanity is caught between the pincers of declining availability of fossil fuels and the climatic devastation resulting from their combustion. So one is bound to ask, how is it possible for humanity to saw off the branch on which we sit?
The answer lies in two kinds of addiction. On the one hand, the vast majority of us are so dependent on our 21st century lifestyle that we cannot even conceive of reducing our energy expenditure to that of our grandparents. To many people, jetting to far-away places, rally-driving, jet skiing and so on are considered to be non-negotiable parts of modern life.
On the other hand, the “one percent” have become addicted to the wealth and power that fossil fuels have made possible. It is these über-rich corporate CEOs and politicians who are most resistant to taking action. Not only do they not care about the rest of humanity; they evidently don’t even care about their children and grandchildren. Now there’s something for the psychiatrists.