...The earth’s endowment of oil is finite and demand for oil continues to increase with time. Accordingly, geologists know that at some future date, conventional oil supply will no longer be capable of satisfying world demand. At that point, world oil production will have “peaked” and begin to decline. It has taken 50 – 300 million years to form, yet mankind has managed to burn roughly half of the global oil reserves in merely 125 years or so. The world is consuming about 86 million barrels of oil per day, or 40,000 gallons per second, and the demand is growing exponentially.
...Statistics prove that oil production in 33 out of 48 countries has approached a “peak”, and if the rate of consumption is not reined in, it can potentially end our Oil Age. The world is not running out of oil itself, but rather its ability to produce high-quality, cheap and economically extractable oil on demand...
Today, all major sources estimate that the world’s proven oil reserves vary between 1.0 and 1.2 million barrels and are geographically highly concentrated. Nearly 65% of oil is found in the Persian Gulf area. As per the present oil consumption of 85 million barrels per day, the life span of proven oil reserves is about 38 years...
Oil is the fuel that enabled the growth of modern civilization, and the industrialized countries now rely on it to an extraordinary extent. Oil provides 40% of all primary energy, and 90% of our transportation energy. Oil peaking will create a severe liquid fuels problem for the transportation sector, not an “energy crisis” in the usual sense that term has been used. The physical and chemical versatility of oil, combined with its high energy density, cannot replace any other known energy source or even adequate substitute. In short, oil is the lifeblood of the current world. As the chief economist of Morgan Stanley said, “… we have a 90% chance of facing an economic Armageddon.” The bell is ringing for us to wake up and as Albert Einstein said, “you cannot solve this world’s problems with the same thinking that created them”...
...Statistics prove that oil production in 33 out of 48 countries has approached a “peak”, and if the rate of consumption is not reined in, it can potentially end our Oil Age. The world is not running out of oil itself, but rather its ability to produce high-quality, cheap and economically extractable oil on demand...
Today, all major sources estimate that the world’s proven oil reserves vary between 1.0 and 1.2 million barrels and are geographically highly concentrated. Nearly 65% of oil is found in the Persian Gulf area. As per the present oil consumption of 85 million barrels per day, the life span of proven oil reserves is about 38 years...
Oil is the fuel that enabled the growth of modern civilization, and the industrialized countries now rely on it to an extraordinary extent. Oil provides 40% of all primary energy, and 90% of our transportation energy. Oil peaking will create a severe liquid fuels problem for the transportation sector, not an “energy crisis” in the usual sense that term has been used. The physical and chemical versatility of oil, combined with its high energy density, cannot replace any other known energy source or even adequate substitute. In short, oil is the lifeblood of the current world. As the chief economist of Morgan Stanley said, “… we have a 90% chance of facing an economic Armageddon.” The bell is ringing for us to wake up and as Albert Einstein said, “you cannot solve this world’s problems with the same thinking that created them”...
