World's not running out of oil: Expert

A University of Washington economic geologist has said that the world is not running out of oil or other mineral resources as is widely believed.

"The most common question I get is, 'When are we going to run out of oil.' The correct response is, 'Never'. It might be a heck of a lot more expensive than it is now, but there will always be some oil available at a price, perhaps 10 to 100 dollars a gallon," says Eric Cheney, a UW professor emeritus of earth and space sciences.

Cheney says changing economics, technological advances and efforts such as recycling and substitution had made the world's mineral resources virtually infinite.

"For instance, oil deposits unreachable 40 years ago can be tapped today using improved technology, and oil once too costly to extract from tar sands, organic matter or coal is now worth manufacturing. Though some resources might be costlier now, they still are needed. Mineral resources are vitally important to our industrial and service economy," he says.

Cheney will make a presentation of his theory prepared in collaboration with Andrew Buddington of Spokane Community College while discussing myths about mineral resources on Sunday during a talk at the Geological Society of America annual meeting.