Peak Oil

Topics: Peak oil, Petroleum, Natural gas Pages: 3 (980 words) Published: February 19, 2009
According to the proponents of the 'Peak Oil' theory, the world is expected to face severe oil shortages in the near future. Then, how can mankind meet its energy needs?

Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. The concept is based on the observed production rates of individual oil wells, and the combined production rate of a field of related oil wells. The aggregate production rate from an oil field over time usually grows exponentially until the rate peaks and then declines—sometimes rapidly—until the field is depleted. This concept is derived from the Hubbert curve, and has been shown to be applicable to the sum of a nation’s domestic production rate, and is similarly applied to the global rate of petroleum production. Peak oil is often confused with oil depletion; peak oil is the point of maximum production while depletion refers to a period of falling reserves and supply It is estimated that the world may have enough oil to year 2030 at current consumption, and enough natural gas to year 2060 if all known reserves were recoverable. Life will not continue as is until every last drop is gone. There continues to be small amounts of oil suspected as reserves around the world, but not in the quantities that will alter the clear shortages and competition for it. It is very unlikely that a child born after 2005 will ever need a driver license, and it is very likely that before 2020 many people around the world will be living without the benefits of oil and will lose the use of natural gas at the same time.  

It is likely that a World War (the energy war) has started, and as limited oil reserves are depleted aggression will escalate. The worlds' remaining known approximate oil reserves 2004-2005: Saudi Arabia 24%, Iraq 10%, Iran 10%, Kuwait 9%, United Arab Emirates 9%, Russia 9%, Venezuela 8%, Mexico 5%, United States 5% (not counting oil shale),...
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