Peak Oil – A beginners guide

peak oilPeak oil is when we have reached the half-way point in using up the world’s easy oil reserves.

It is not described as a period where we are running out of oil but a period where we have reached the “peak” in new oil discoveries. It is a time of rising prices in Oil and Oil based products due to the increased cost of supply. It was described by M. King Hubbert in the 1970’s as a time where the production of crude oil, like that of many non-renewable resources, follows a bell-shaped curve, where the top of the curve is the halfway point for production…

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