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Unlike peak oil demand, peak oil generally is concerned with the global supply of oil, due to the importance of oil to the global economy. The central idea revolves around technological advancements such as the development of electric vehicles and potentially biofuels in order to phase out gasoline or diesel powered vehicles.
The idea of "peak oil" – a peak in the amount of oil we can physically extract, followed by an irreversible decline in production – has been around for decades. So far, though,...
What Is Peak Oil? Peak oil refers to the hypothetical point at which global crude oil production will hit its maximum rate, after which production will start to decline.
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...
Like other consumable resources, peak oil is grounded in reality: Oil is a finite natural resource produced over a geological timespan whereas demand continues to climb. However, peak oil...
Peak oil is the theoretical timeline for when domestic or global oil production will hit its maximum rate and begin to decline. It’s the idea that—at some point—the world’s finite...
peak oil theory, a contention that conventional sources of crude oil, as of the early 21st century, either have already reached or are about to reach their maximum production capacity worldwide and will diminish significantly in volume by the middle of the century.