Peak Oil
Peak oil is the point in time when the maximum rate of global oil production has been reached, after which the rate of oil production follows an inevitable decline. Many experts in the field, including the International Energy Agency, say production of conventional crude oil has already peaked.
Peak oil is not about running out of oil, it is about running out of cheap, affordable oil. We have extracted only half of all the oil that is recoverable, but the first half was the light, sweet crude, whereas the second half is the heavier, sour crude that requires a lot more energy to extract and process. When oil extraction began, 100 barrels could be extracted for every barrel invested. The Alberta tar sands, in comparison, produce 5 barrels for every barrel invested.
As global energy demands keep rising, and global oil production begins to fall, the era of cheap, affordable oil which allowed us to build our global, industrial civilization will come to an end. The decline of oil production will be felt in every aspect of our lives, from food and medicine, to contraceptives, home heating, jobs, and all material goods. The future will be very different from what we have imagined it to be.
Read more about Peak Oil…
Peak Oil Primer – Energy Bulletin
Peak Oil – Wikipedia
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