When I was little what scared me most was what might be hiding in my closet in the middle of the night. Any monster in my closet has nothing on peak oil O.O So next time your child is upset cause he thinks a monster might be in the closet, just sit him down and explain peak oil. He won’t think the monster so bad anymore.
Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. The concept is based on the observed production rates of individual oil wells, and the combined production rate of a field of related oil wells. The aggregate production rate from an oil field over time usually grows exponentially until the rate peaks and then declines—sometimes rapidly—until the field is depleted. This concept is derived from the Hubbert curve, and has been shown to be applicable to the sum of a nations domestic production rate, and is similarly applied to the global rate of petroleum production. Peak oil is often confused with oil depletion; peak oil is the point of maximum production while depletion refers to a period of falling reserves and supply.
http://en.wikipedia.org/wiki/Peak_oil
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March 6th, 2010 at 5:00 pm
I think time will …
I think time will come when the post war boom of the 1950’s and 60’s will be seen as a golden age and one was lucky to be alive.
March 6th, 2010 at 5:00 pm
I wonder what the …
I wonder what the potential is for extracting oil from coal/shale. I heard a geologist say once that we have enough coal supplies to last a good 200 years. As far as the environmental effects of coal go, he also said if you spend money you can dramatically reduce the pollution effects. Either way it’s going to be expensive.
March 6th, 2010 at 5:00 pm
Peak oil will be …
Peak oil will be the biggest event of all time. We have created a complex way of living which is not going to function on expensive oil. GAME OVER!!
March 6th, 2010 at 5:00 pm
I’ve never been …
I’ve never been able to figure the chinese out? If I ran a dictatorial command economy, sure, I would need to increase oil demand to fuels growth, but banning bicycles in citys? Building highways instead of mass transport systems? This is lunacy and I do not buy the chinese miracle story… They are the biggest economic bubble man has ever created…
March 6th, 2010 at 5:00 pm
92 cents C$ in my …
92 cents C$ in my neck of the woods.