Considering how important peak oil is to our society and our future, I’m constantly amazed at how few people have heard of it, much less understand it. I’m no expert on the subject, and most of the information in this piece comes from the Internet – I won’t even bother to reference much, you can get it all from Wikipedia. But I thought a brief summary of the issues involved might raise the level of debate when the issue comes up.
What is peak oil?
Peak oil is simply the point at which petroleum production is at its historical and future maximum. It is not an end to oil production, only a point in time when the market changes dramatically. In fact, it’s roughly the point at which half of all oil that will ever be extracted has been extracted. The consumption of oil has increased almost continuously from the day a use for it was discovered, and at the point of peak oil this will have to change. [Read more...]