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What is peak oil?
People often ask when the world’s oil is going to ‘run out’, but this is the
wrong question. ‘Peak oil’ refers to the moment at which global oil production
will reach its maximum level, and then go into sustained decline. This is
expected to happen at the ‘midpoint of depletion’ – when roughly half the
oil that will ever be produced has been consumed, and the other half is still
underground. This is a pattern which has already been observed in over sixty
of the world’s 98 oil producing countries. British oil production peaked in
1999 and daily output has already fallen by well over half.
To read the rest of this paper - click on this link - Preparing for Peak Oil |
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