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Page added on November 7, 2011
World peak oil production still years away
Brian Towler University of Wyoming Laramie, Wyo. Peak world oil production rate depends on economics and is unlikely to occur before 2018, and rising oil prices and technological developments may further delay this peak. When production rate eventually does peak, however, the decline side of the curve will not mirror the growth side as predicted by Hubbert.1 2 Oil has been the number one energy source in the world since the middle of the 20th century. But ever increasing demand has caused its price to spike in recent years and only world economic crises have tempered demand and brought down its price, Demand and price, however, likely will increase again when the economy recovers.
One Comment on "World peak oil production still years away"
Kenz300 on Mon, 7th Nov 2011 8:10 pm
Price hikes and supply disruptions have a disastrous impact on individuals and economies but have a positive impact for oil companies and oil producers. Oil companies have no incentive to reduce the risks that oil shocks will have on the economy. Individuals, businesses and countries need to develop plans to reduce the their risks.