Peak Oil is the point in petroleum extraction where the maximum/largest amount of barrels are being produced, succeeding this point the percentage of oil extracted is expected to irreversibly decrease. The theory of peak oil was devised by geophysicist Dr M. King Hubbert, after he realised that the discovery of oil had peaked within the 1930's thus indicating that the oil industry in the future would uncontrollably decline. His theory enabled him to announce a startling prediction in 1956 that stated that the amount of oil being produced in the U.S would peak in 1970 and gradually begin to decline. As America was the largest oil producer (finding over 6 barrels of oil for every 1 barrel required) it resulted in optimists dismissing Dr Hubbert's announcement completely. However, in 1970 he was vindicated, as in December 1970 the U.S reached its peak of 10.2 million barrels daily, succeeding this, oil prices rose substantially.
(Dr M. King Hubbert)
No matter where oil reserves are discovered, the geological length of time required in the creation of oil, combined with our present rate of consumption, thus, means that the inevitable conclusion is that the amount of oil available to us will eventually reach its peak and will subsequently begin to decline. This indicates that the worlds 'stock' of oil will eventually run dry, meaning that we need to begin the process of experimenting with more biodegradable and recyclable alternatives in materials.
(Dr M. King Hubbert)
No matter where oil reserves are discovered, the geological length of time required in the creation of oil, combined with our present rate of consumption, thus, means that the inevitable conclusion is that the amount of oil available to us will eventually reach its peak and will subsequently begin to decline. This indicates that the worlds 'stock' of oil will eventually run dry, meaning that we need to begin the process of experimenting with more biodegradable and recyclable alternatives in materials.
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