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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.
United Kingdom oil production 1975-2012 (data from DECC) Canadian conventional oil production peaked in 1973, but oil sands production will increase to at least 2020. Peak oil as a concept applies globally, but it is based on the summation of individual nations experiencing peak oil.
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 ...
That shift means that the planet could soon reach what is commonly referred to as “peak oil,“ the point when global production of oil reaches its high point before entering into steady decline.
As recently as the mid-2000s, conventional wisdom held that U.S. crude oil production was in secular decline, while the nation's demand for oil was expected to keep rising. But over the past five ...
Peak oil, or the point in time when petroleum extraction has reached its maximum and production declines, has drawn a lot of attention from speculators. The impacts of oil supply not meeting ...
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.
In 1989, another peak was predicted by Colin Campbell. Since the 1960s and 1970s, when petroleum production peaked in many industrialized nations, a frequent topic of speculation among scholars has been when worldwide production will peak, as well as when and how the oil age will ultimately end.