Oil production nearing the peak

AS first expressed in Hubbert peak theory, peak oil is the point or timeframe at which the maximum global petroleum production rate is reached. After this timeframe, the rate of production will by definition enter terminal decline. According to the Hubbert model, production will follow a roughly symmetrical bell-shaped curve.

Some observers such as Kenneth S. Deffeyes, Matthew Simmons, and James Howard Kunstler believe that because of the high dependence of most modern industrial transport, agricultural and industrial systems on inexpensive oil, the post-peak production decline and possible resulting severe price increases will have negative implications for the global economy. Predictions as to what exactly these negative effects will be vary greatly.

NigerianTribune