There is a vast amount of misinformation and misunderstanding when it comes to the term 'peak oil' and the topic tends to bring out visceral reactions from both sides of the argument. Try to set aside your preconceived notions and read with an open mind.
The topic raised here is what is known as Peak Oil. 'Peak oil' is mostly known as the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. This can easily be seen on individual oil wells and the concept is easily broadened based on projected reserves and the combined production rate of a field of related oil wells. Peak Oil in a simple sense means that oil resources on the planet are finite and that there will come a point in time when one day less oil will be extracted than on the previous day. And the following day even less. And so on, no matter how much exploration is done, no matter how efficient the new extraction technologies developed. There will come a point when less and less oil is available for the industrialized societies of the planet. Oil production will have 'peaked'. In past decades there has been much debate about when global oil would peak, whether it already had peaked and we were declining already, or whether we were going to imminently hit the peak. Of course, all these people missed the point, and ended up getting much of the story wrong which is why so many have such varying opinions on the subject.
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