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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 ...
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.
Predicting the timing of peak oil involves estimation of future production from existing oil fields as well as future discoveries. The most influential production model is Hubbert peak theory, [citation needed] first proposed in the 1950s. The effect of peak oil on the world economy remains controversial.
Petroleum has been a major industry in the United States since the 1859 Pennsylvania oil rush around Titusville, Pennsylvania. Commonly characterized as "Big Oil", the industry includes exploration, production, refining, transportation, and marketing of oil and natural gas products. [1] The leading crude oil-producing areas in the United States ...
Marion King Hubbert (October 5, 1903 – October 11, 1989) was an American geologist and geophysicist. He worked at the Shell research lab in Houston, Texas.He made several important contributions to geology, geophysics, and petroleum geology, most notably the Hubbert curve and Hubbert peak theory (a basic component of peak oil), with important political ramifications.
Petroleum or crude oil, also referred to as simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, [1] and is found in geological formations. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil. Petroleum is primarily recovered by ...
The Permian Basin is a large sedimentary basin in the southwestern part of the United States. It is the highest producing oil field in the United States, producing an average of 4.2 million barrels of crude oil per day in 2019. This sedimentary basin is located in western Texas and southeastern New Mexico. It is named after the Permian geologic ...
Fossil fuel. A fossil fuel [a] is a hydrocarbon -containing material such as coal, oil, and natural gas, [2] formed naturally in the Earth's crust from the remains of dead plants and animals that is extracted and burned as a fuel. Fossil fuels may be burned to provide heat for use directly (such as for cooking or heating), to power engines ...