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What is "Peak Oil"?

 

All oil production follows a bell curve, whether in an individual field or on the planet as a whole. On the upslope of the curve production costs are significantly lower than on the downslope when extra effort (expense) is required to extract oil from reservoirs that are emptying out. 

 

Put simply: oil is abundant and cheap on the upslope, scarce and expensive on the downslope.

 

For the past 150 years, we have been moving up the upslope of the global oil production curve.  "Peak Oil" is the industry term for the top of the curve.  It's often referred to as "Hubbert's Peak" a reference to King Hubbert, the geologist who discovered that oil production follows a bell curve.

 

Once we pass the peak, we will go down the very steep downslope. The further we go down the slope, the more it costs to produce oil, and its cousin, natural gas.

 

In practical terms, this means that if 2000 was the year of Peak Oil, worldwide oil production in the year 2020 will be the same as it was in 1980.  However, the world's population in 2020 will be both much larger (appoximately twice as big) and much more industrialized than it was in 1980.  Consequently,  worldwide demand for oil will outpace the worldwide production of oil by a significant margin.

 

The more demand for oil exceeds production of oil, the higher the price goes.

 

Ultimately, the question is not "When will we run out of oil?" but rather, "When will we run out of cheap oil?"

 

 

 

Hvis denne topicen er i mot reglene, sorry på forhånd

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gidder ikke å lese alt på siden.. men du er klar over at det nå finnes maskiner som lager olje ut av søppel?

Hvis du leser quoten hans fra artikkelen, ser du de avslutter med "når går vi tom for billig olje". Oljen fra maskinen du snakker om er ikke billig, og har heller ikke de samme egenskapene du kan få ut av vanlig råolje.

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