World's Proven Oil Reserves Used Up by the End of the 1980s
Carter, 1977: World 'Could Use Up All the Proven Reserves of Oil' by the End of the Next Decade. It Did Not
In his April 18, 1977 energy address the President warned that at 5% annual growth the world's proven oil reserves could be gone by the end of the 1980s.
What was said
“If it were possible to keep it rising during the 1970's and 1980's by 5 percent a year, as it has in the past, we could use up all the proven reserves of oil in the entire world by the end of the next decade.”
— Jimmy Carter, US President (televised Address to the Nation on Energy) · said Apr 18, 1977 · due By the end of the next decade (December 31, 1989)
The 1980s ended with the world's proven oil reserves not used up, and the wells still pumping.
The fine print
Televised address of April 18, 1977, which opened: 'Tonight I want to have an unpleasant talk with you about a problem that is unprecedented in our history.' The forecast is conditional on consumption growing 5% a year, and that condition is part of the quote. The same speech says 'we are running out of petroleum'. Peak-oil entries on file: duncan-blackouts-2012, duncan-olduvai-2030.
Sources
As of Oct 9, 2026
since it didn't happen
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