|English: New presentation of data in figure 20 of http://www.hubbertpeak.com/hubbert/1956/1956.pdf . Meant as replacement for non-free :Image:Hubbert-fig-20.png. (Photo credit: Wikipedia)|
Environmental issues and the Oil Crisis : Impact on your survival? Oil price per barrel:Are we running out of oil? An oil crisis maybe? Unlikely but the following is very interesting.
According to geologist M. King Hubbert, the availability of oil and its production peaked around 1970 and is on the decline. Due to the limited resource, the price of gasoline has increased as many believe the source is depleting. According to the text by Withgott, Hubbert then recalculated his findings and then believed that oil would peak in 1995.
Contrary to the Hubbert calculations, the Buffalo News predicts that oil will peak in 2012 and then begin to decline. This is why so many people are adamantly working towards finding a renewable source of energy to replace fossil fuels such as crude oil. Since it is reasonably believed that oil is a finite source of energy, it makes sense to believe that the supply of oil will peak and then decline in a terminal fashion. The time it takes for oil to form takes a significant amount of time, which is far too long for the oil supply to remain available in order to sustain current lifestyles.
|US Lower-48 oil production (crude oil only) and Hubbert high estimate (URR= 200Gb, K=6%, 1970), the red dotted line indicates the 1956 year (prediction year). Data from the EIA. (Photo credit: Wikipedia)|