Peak oil primer and links. On this page: 1.
Peak oil primer What is peak oil? Peak oil is the simplest label for the problem of energy resource depletion, or more specifically, the peak in global oil production. Oil is a finite, non-renewable resource, one that has powered phenomenal economic and population growth over the last century and a half. Why does oil peak? Oil companies have, naturally enough, extracted the easier-to-reach, cheap oil first. M. In the 1950s the well known U.S. geologist M. No oil producing region fits the bell shaped curve exactly because production is dependent on various geological, economic and political factors, but the Hubbert Curve remains a powerful predictive tool.
What does peak oil mean for our societies? Our industrial societies and our financial systems were built on the assumption of continual growth – growth based on ever more readily available cheap fossil fuels. The 'Hirsch Report' A U.S. So when will oil peak globally? Later in life M. Already peaked? Decline rates Exports 2. 3. Has the World Already Passed “Peak Oil”? According to the 25-year forecast in the IEA's latest annual World Energy Outlook, the most likely scenario is for crude oil production to stay on a plateau at about 68 to 69 million barrels per day.
In this scenario, crude oil production "never regains its all-time peak of 70 million barrels per day reached in 2006," said IEA’s World Energy Outlook 2010 . In previous years, the IEA had predicted that crude oil production would continue to rise for at least another couple of decades. Now, because of rising oil prices, declines in investment by the oil industry, and new commitments by some nations to cutting greenhouse gas emissions, the new forecast says oil production is likely to be lower than the IEA had expected. The projected flat crude oil production doesn’t translate into an immediate shortage of fuels for the world’s cars and trucks. (Quiz: “ ”) "The age of cheap oil is over," said Fatih Birol, IEA chief economist. (Related: “ ) (Related: “ ” (Related: “ ) (Related: “ ”) British Government Faces Up To Peak Oil - Energy Source - How we power the world.