What is Peak Oil?

The term Peak Oil refers to the point in time at which global oil production will 'peak.' After this point, global production will plateau or decline as extraction becomes more difficult and expensive.

Does this mean we are running out of oil?

No. It means that at Peak Oil we would have used up the easily extracted oil.

When will Peak Oil occur?

Opinions about when Peak Oil will occur range from 2008 to 2030. Many informed observers think that it will occur within the next 20 years.

Should I be concerned about Peak Oil and the decline in oil production?

The peaking of global oil production represents a profound change in the conditions upon which the growth of the global economy has depended over the last century. There will be a growing shortfall between the demand for liquid fuels and the available supplies. This is likely to cause major economic upheavals.

For further information, see

http://www.energybulletin.net/primer.php