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Peak oil is the theorized point in time when the maximum rate of global oil production will occur, after which oil production will begin an irreversible decline. [2] [3] [4] The primary concern of peak oil is that global transportation heavily relies upon the use of gasoline and diesel fuel.
In 1956, Hubbert confined his peak oil prediction to that crude oil "producible by methods now in use." By 1962, however, his analyses included future improvements in exploration and production. All of Hubbert's analyses of peak oil specifically excluded oil manufactured from oil shale or mined from oil sands. A 2013 study predicting an early ...
Peak oil demand probably happens within the next 5 years. — Elon Musk (@elonmusk) January 19, 2023. A December report by the International Energy Agency (IEA) found that, spurred by an energy ...
The Hubbert peak theory says that for any given geographical area, from an individual oil-producing region to the planet as a whole, the rate of petroleum production tends to follow a bell-shaped curve. It is one of the primary theories on peak oil . Choosing a particular curve determines a point of maximum production based on discovery rates ...
Oil depletion. Oil depletion is the decline in oil production of a well, oil field, or geographic area. [1] The Hubbert peak theory makes predictions of production rates based on prior discovery rates and anticipated production rates. Hubbert curves predict that the production curves of non-renewing resources approximate a bell curve.
The standard Hubbert curve, plotting crude oil production of a region over time World energy consumption, 1970–2025. Source: International Energy Outlook 2004. The mitigation of peak oil is the attempt to delay the date and minimize the social and economic effects of peak oil by reducing the consumption of and reliance on petroleum.
1980s oil glut. The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis. The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
Well, Peak Oil didn't happen, hasn't happened, and most authoritative experts (like the IEA) don't see it happening in the immediate future. Fracking has changed the outlook significantly. As a result, pretty much everything in this article is dated, misleading or just plain wrong. Periander6 15:57, 13 June 2013 (UTC)