Peak Oil: America uses 21 million barrels per day

The concept of peak oil is not about running out of crude oil. It never has been. A Shell geologist (M. King Hubbert) in the ’50s formulated, from his years of study of oil field production, his theory of Peak Oil. He predicted, accurately, that U.S. crude production would peak between 1965 and 1970.

Be clear on this. It

Best estimates are that the world started with two trillion barrels in the earth. Best estimates are that one trillion remain.

For perspective, the world today uses 85 million barrels per day. That is 31 billion barrels per year. At that rate, the one trillion barrels of estimated reserves would last 32 years until it was all gone.

But that is not the issue. The problems start when daily production cannot meet daily demand.

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