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Mon Feb 27, 2012, 12:12 PM

What is peak oil?

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"Peak oil is the simplest label for the problem of energy resource depletion, or more specifically, the peak in global oil production. Oil is a finite, non-renewable resource, one that has powered phenomenal economic and population growth over the last century and a half. The rate of oil 'production', meaning extraction and refining (currently about 85 million barrels/day), has grown almost every year of the last century. Once we have used up about half of the original reserves, oil production becomes ever more likely stop growing and begin a terminal decline, hence 'peak'. The peak in oil production does not signify 'running out of oil', but it does mean the end of cheap oil, as we switch from a buyers' to a sellers' market. For economies leveraged on ever increasing quantities of cheap oil, the consequences may be dire. Without significant successful cultural reform, severe economic and social consequences seem inevitable."

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The above quote is from www.energybulletin.com

It explains it much better and much more succinctly than I certainly could.

Please go here for more from the Peak Oil Primer: http://www.energybulletin.net/primer.php

Cheers,
Javaman

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