Peak Oil
As the world begins a shift to renewables, it is being predicted that the end of oil production come sooner as anticipated, giving rise to the ‘peak oil’ situation.
What is ‘Peak Oil’?
- Peak oil refers to the point in time when global petroleum production reaches its maximum point and subsequently begins an irreversible decline.
- This occurs when readily accessible oil reserves are depleted, forcing us to rely on more challenging and expensive extraction methods.
Origin of Concept
- The concept was first introduced by M. King Hubbert in the 1950s.
- His theory proposed that oil production would follow a bell-shaped curve, with ....
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