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 appears to grow exponentially until the rate peaks and then declines, sometimes rapidly, until the field is depleted. It 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 not about running out of oil, but the peaking and subsequent decline of the production rate of oil.M. King Hubbert created and first used this theory ...
Now that the reality of Peak Oil has started to sink in, one commonly hears that "The age of cheap oil is over". But does that mean that the age of expensive oil is upon us? Not necessarily. We now know (or should have learned by now) that once oil rises to over 25% of global GDP, the world's industrial economy stalls out, and as soon as that happens, oil ceases to be particularly valuable, so much so that investment in maintaining oil production is curtailed. The next time industry tries to stage a comeback (if it ever does) it hits the wall much sooner and stalls again. I doubt that it would ...
123 - in poll Peak oil (Energy Crisis) The world has enough oil reserves for 42 years at current production rates. This was announced in a report of British Petroleum Ltd, Bloomberg.com wrote.
"Fossil fuels will remain the dominant source of energy well into the future", British Petroleum Ltd Chief Executive Officer (CEO), Tony Hayward, said at a presentation in London. Global proved oil reserves fell last year, the first drop since 1998, led by declines in Russia, Norway and China, according to BP Plc. Oil reserves totaled 1,258 trillion barrels at the end of 2008, compared with a revised 1,261 trillion barrels in 2007, BP said ...
spetr - in poll Peak oil (Energy Crisis) Peak oil is usually defined as the point at which the world's consumption of this crucial fuel reaches the supply available on the market. When this occurs, oil becomes a scarce commodity and demand forces dramatic increases in price. A hint of this happened in August of 2008 when oil reached an unprecedented $147 per barrel, only to collapse to about $40 when demand was reduced by the global financial crisis.Once deemed unthinkable, peak oil is now the subject of very serious consideration, partly because global consumption is rising faster than supply, and partly because the predicted ...
spetr - in poll Peak oil (Energy Crisis)
