The term Peak Oil refers to the time when world oil production peaks, and it's otherwise know as 'the end of cheap oil', or increasingly in the media as 'the energy crisis'. The problem is that supply will decline while demand increases, this will push up prices.
It is generally understood that world-wide Peak Oil is sometime in the not too distant future, perhaps 2010 (see a graph or a video), but between about 2005 (yes behind us) and about 2015. Some illustrative graphs can be found at The Oil Drum, and there is a 4 minute Peak Oil video.
The International Energy Agency has forecast a global oil supply crunch in 2012, over 60 of the 98 oil producing countries have peaked, and another 14 countries could peak in the next decade (more). Peak oil in the USA was 1970, in the UK it was 1999. The decline may be steep as oil producing countries limit exports. Gas and coal are also expected to peak though later, and at different times (perhaps 2020 for gas).
By learning how to save energy in the form of oil, gas and coal, we will lessen the impact of the inevitable price increases (which could be dramatic).
Further reading? The links below are recommended, each taking a different approach:
All Party Parliamentary Group on Peak Oil and Gas (APPGOPOG):
"50 MPs warn government that global oil production may be peaking
London, 23rd May 2008 - A cross-party group of MPs including former Liberal Democrat leader Sir Menzies Campbell have signed a Commons motion urging the government to review its estimates as to when global oil production will peak and begin to decline.
As crude oil hit another record high of $135 a barrel on Wednesday, and as UK motorists notice the impact of sustained high prices at the petrol pumps, MPs are beginning to mobilise around the idea that current high oil prices may just be the beginning of a permanent trend. Experts at the Association for the Study of Peak Oil (ASPO) have warned of an overall liquid fuel peak likely between 2010-2012, while the International Energy Agency (IEA) have predicted an oil 'supply crunch' in 2012.
John Hemming MP, who tabled the Early Day Motion (1453) said that 'the government is failing to address the reality that we are reaching the limits to growth in global oil production. The implications for the way we run our society and economy are profound, but the government refuses even to initiate a contingency study. Rather than making futile appeals to OPEC to raise production, Gordon Brown must recognise that we cannot carry on with the same old assumptions of endless growth in world oil production'.
Hemming chairs the All Party Parliamentary Group on Peak Oil (APPGOPO) which was founded in July 2007 to review estimates of future oil production and consider the consequences of declining world oil production for the UK and world economy."
10 Downing Street petition:
http://petitions.pm.gov.uk/Oil-Depletion/
"We the undersigned petition the Prime Minister to Undertake a reassessment of UK Energy Supplies, in particular evaluate the risk of an imminent peak or plateau in global oil production."
Deadline 29 July 2008, but you know that if you don't do it now then you'll probably forget...
If you haven't done these before:
- enter you name, email and address (secure)
- look for the email they send and click on the link
http://www.theoildrum.com/tag/update: