The
concept of Peak Oil is a very important topic, as the ideas the theory expels
are both extremely evocative and troubling, when one thinks about how dependent
the human race has become on fossil fuels in general, and petroleum, in
particular. Basically, Peak Oil is the point in time that the global oil
extraction rate of petroleum has peaked, as the vast majority of oil reserves
across the world have already been discovered. “It is important to recognize
that oil production peaking is not ‘running out.’ Peaking is the maximum oil production rate,
which typically occurs after roughly half of the recoverable oil in an oil
field has been produced, which will then began to decline” (Hirsh, 2005). Demand
for fossil fuels and oil continues to increase, due to the reliance on fuel for
transportation, food production, economic growth, and many products used in
many people’s day to day lives. Because the extraction of the global oil
reserves is in a state of constant decline, the supply of petroleum products
will be unable to meet the growing demand. When these demands cannot be met,
prices for petroleum products will rise exponentially, potentially resulting in
a future where global economic depression is unavoidable.
When
oil extraction became common throughout the developed world during the early twentieth
century, not much thought was given about the supply of oil running out, namely
because there was so much of it. As industry continued to grow, oil was
replacing coal as the most useful form of fuel, resulting in vastly increased
population growth. The mass production of the automobile increased the demand
for petroleum, as cars need to be fueled, and roads needed to be built. The
Hirsch report, created for the US department of energy in 2005, examined the
timing of Peak Oil, as well as what the impact on the world as we know it would
be. The results of Hirsh report are startling: “The world has never faced a problem
like this. Without massive mitigation at least a decade before the fact, the
problem will be pervasive and long lasting” (Hirsch, 2005). Prices are expected
to rise substantially as major future discoveries of oil are unlikely, leading
to catastrophic results for the future and survival of the human race, if the
world does not immediately act in investing in renewable fuels, and sustainable
practices.
There
is some debate about when the global peak oil will occur. Pessimistic estimates
claim that it has already happen, will optimistic estimates believe that it will
occur in the next ten years, or reach some type of plateau. Whether or not you
believe that most of the oil on planet earth has already been discovered, or
that technology and renewable fuels can replace petroleum, one cannot deny that
sooner or later, petroleum resources will run out. Because we are so dependent
on petroleum, the world will feel an impact that is both harsh and sobering.
Without changing how we create energy and sustain life, our future may be in
peril.
Hirsch, R. (2005). The Inevitable
Peaking of World Oil Production. The Atlantic Council of The United States,16(3), 1-10.
Retrieved February 12, 2012, from http://www.acus.org/docs/051007-Hirsch_World_Oil_Production.pdf
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