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The definition of peak oil, depending on who you ask, is slightly different; some say it is the last point when our demand for fossil fuels is met by oil production, while others define it as the time when maximum global oil production is reached, and declines hereafter. Regardless of semantics, the theory of peak oil basically states that at our current, rapidly expanding rate of oil consumption, we will reach a point in time when oil production will no longer meet our needs. Those who believe in peak oil theory will state that, either we are approaching peak oil (in the next 10, 15, or 20 years), or we are already at the point of peak oil. After the point of peak oil, because supply is not meeting demand, there will be accelerated hikes in gas prices (and since most food and product manufacturing requires oil), there will be hyperinflation in the economy.
Wiki User
∙ 13y ago
Wiki User
∙ 16y agoPeak oil is the point in time when the maximum rate of global petroleum production is reached, after which the rate of production enters its terminal decline.
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How people value oil?
The peak Oil theory, if you haven't already encountered it, suggests that oil production will follow a bell curve. Production will rise to a peak, and then begin declining due to the fact that as oil reserves get lower, it becomes more expensive to retrieve. It ends up at a point where you have to put mre energy into sucking up and refining the oil than you get out of using it. The theory is that once the peak is passed, the decline in production will be as sharp as the rise toward the peak was. It's a theory backed by the vast majority of scientists and energy economists, such as the international Energy Agency. And according to the theory, we're very close at the peak point right now, if it hasn't already passed. by David Gay Ho
What is peak oil definition?
Peak oil is the theory that there is some point at which the production of oil can no longer expand, and will instead begin to contract. This is a very controversial theory, and some experts believe we have reached or will reach it soon. It presumes however that there are no other places from which oil is developed which we have not already found, but may discover later. If peak oil has been reached, then the supply of oil across the globe can be expected to begin declining. Again, this is one of many theories concerning oil currently.
Will peak oil reduce the impact of climate change?
Yes but it is not clear whether it will be for the better. In theory using less oil would cause less emissions, yet if we used coal to make electricity as a substitute for oil it may lead to an increase in emissions.
Who makes peak oil?
PEAK makes peak motor oil, they are known for their antifreeze products before they launched their motor oil line. It's apparently already sponsored the IndyCar when it was first launched in 2007, and is being called "premium motor oil".
Who makes peak motor oil?
PEAK makes peak motor oil, they are known for their antifreeze products before they launched their motor oil line. It's apparently already sponsored the IndyCar when it was first launched in 2007, and is being called "premium motor oil".
When are the world's peak oil-producing years projected to be?
The world's peak oil-producing years are projected to be coming in the years 2020-2030, or earlier.
When is the Peak Crude Oil predicted by majority of economists?
After hundreds of hours reading, it would seem that we have likely already had the peak in production of oil in 2006
Has the US reached its oil peak?
Yes, US oil production peaked in the 70's.
Are there any solutions to Mexico peak oil?
the up and down
When is the peak oil going to happen?
12-3-09
What is the Hubbert's peak oil theory?
Oil production in an oil producing region, will increase to maximum, and then begin to decline. Hubbert's article appeared in 1956, and his analysis concerned the United States. It was long recognized that the ultimate deposit of oil was not unlimited, but new technology in the 1950's continued to increase what could be exploited. His work did not include Alaskan oil reserves, as oil in Alaska had not been discovered. See links.
Why did the oil industry collapse?
The oil industry in Oklahoma, to be specific. In 1983, the year after its peak, why did the industry collapse?
