Peak+Oil

Peak Oil From wikipedia

**Peak oil ** is the point in time when the maximum rate of global [|petroleum] [|extraction] is reached, after which the rate of production enters terminal decline. This concept is based on the observed production rates of individual oil wells, and the combined production rate of a field of related oil wells. The [|aggregate] production rate from an [|oil field] over time usually grows exponentially until the rate peaks and then declines—sometimes ra pidly—until the field is depleted. This concept is derived from the [|Hubbert curve], and has been shown to be applicable to the sum of a nation’s domestic production rate, and is similarly applied to the global rate of petroleum production. Peak oil is often confused with [|oil depletion] ; peak oil is the point of maximum production while depletion refers to a period of falling reserves and supply.



A [|logistic distribution] shaped production curve, as originally suggested by [|M. King Hubbert] in 1956.

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Of course there has to be an alternative viewpoint! The conventional view amongst most economists is that oil is no different from other commodities like iron, copper and wheat - if demand grows faster than supply, prices will rise, stimulating more supply and encouraging consumers to substitute away to other things. media type="youtube" key="LHD4U2q_p4c?fs=1" height="385" width="480"

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[|Oil: Never Cry Wolf—Why the Petroleum Age Is Far from over]
[|It’s a myth that the world’s oil is running out]

[|Why are oil prices volatile?]

**[|A World Without Oil - It's Closer Than You Think] **


 * Famous doomsdayer environmentalist, George Monbiot of The Guardian newspaper**
 * finally sees the light.**

Which side of the fence do you sit on?

Here is a video found by Rob Corica

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