David Lifschultz, chief executive of Genoil, a company that makes systems for using hydrogen at refineries, says the oil supply being exhausted first is light oil, which has many components that can be used in gasoline. Heavy oil, with components high in carbon, is far more abundant and often sells at a discount of $20 or $25 a barrel, he said.
Available technology could convert 16 million barrels a day of heavy oil, about a sixth of the world supply, into gasoline components, Mr. Lifschultz said, driving down the price of light oil.