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Has oil hit its peak in production due to limited world reserves?

Topics: Peak Oil Economics Oil Business

Background

Peak oil refers to the time when global oil extraction is at its maximum. From that point on, oil will become increasingly scarce, and the world will have to adapt to new energy sources.

Implications

Expert Opinions

What's Your TakeOnIt?

Agree

Quote

Lawyer

Civilization as we know it is coming to an end soon. This is not the wacky proclamation of a doomsday cult, apocalypse bible prophecy sect, or conspiracy theory society. Rather, it is the scientific conclusion of the best paid, most widely-respected geologists, physicists, bankers, and investors in the world. These are rational, professional, conservative individuals who are absolutely terrified by a phenomenon known as global "Peak Oil."

01 Jan 2008 Source

Disagree

Quote

Politics and Business Magazine

[In] the words of Exxon Mobil, the oil production peak is unlikely “for decades to come”. Governments may decide to shift away from petroleum because of its nasty geopolitics or its contribution to global warming. But it is wrong to imagine the world's addiction to oil will end soon, as a result of genuine scarcity. As Western oil companies seek to cope with being locked out of the Middle East, the new era of manufactured fuel will further delay the onset of peak production.

20 Apr 2006 Source