It Ain’t Just The Oil You Use, It’s The Way That You Use It

SINCE commercial drilling began in the mid-19th century, oil has become the most important fossil fuel in the global economy. Everything from motoring to plastic bags are to a greater or lesser degree dependent on oil. Australia, with its heavy reliance on the car, is more vulnerable than most to oil price spikes.

With consumption outpacing supply by a factor of four, concern over the Earth’s ability to supply large volumes of cheap oil are growing. Peak oil is a term used to describe the point at which maximum oil production is reached. It signals that half the world’s oil reserves have been consumed. A growing number of commentators from the energy and finance sector are signalling that we are about to, or have reached, peak production.
The Age