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Twenty years ago (1993), then-current information indicated that the known world supply of oil would be exhausted by 2020.... i.e. the known world supply of oil, divided by the yearly rate of consumption (at that time), meant all of the oil would be gone by 2020.
There have been new discoveries of oil since 1993 that will keep us going for a while longer, but unfortunately oil consumption in all countries has increased dramatically since then, so by mid-century it's doubtful there will be enough oil left to use for something mundane like transportation.
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