The ultimate conclusion of the peak oil theory is rather disastrous, in that it suggests that the single most important energy resource is soon going to be unusable. Through either the complete depletion of the reserves of this finite resource or the economic impossibility of extracting the most difficult to reach remaining reserves, human society will have to find new, alternative resources.
Features and benefits
- Understand just how the theory of peak oil is applied and what its academics think is the future of the oil industry.
- Learn where our oil is coming from and where new sources of oil currently being found.
- What are the major companies currently doing to secure oil sources and what countries are the major producers?
- Learn what the 'unconventional' segment is and why it is being hailed as the saviour of our energy needs.
- Examine why, if our oil production has hit its peak, there are a number of catastrophic predictions for what comes next.
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Hubbert's peak is the peak oil theory and is essentially a bell curve chart shape describing production of a finite resource. Hubbert was a respected oil and gas analyst who predicted correctly when the USAâ€™s boom oil production period would end and this theory is being applied today to help establish when global production might peak.
Prices are the most important factor that will determine how we manage our oil sources. Oil companies need higher prices in order to explore the much more costly new types of oil, but higher prices will produce a drop in demand. It is therefore possible that despite having many untapped sources available we may not be able to afford to access them.
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Unconventional oil sources are hailed as being able to replace all our conventional oil wells, through the use of new technologies to access vast amounts of untapped reserves. However demand is such that they are unlikely to be able to ever replace conventionals at a rate consistent with demand.
Your key questions answered
- What is peak oil and who are its proponents?
- How much do we rely on crude oil and what do we do with it in society?
- Do we have alternative sources of energy that could replace oil around the world?
- Who produces the most oil and how much are they producing currently?
- Is there any evidence that the peak of oil production might be today?
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