Alternative Fuels
What is Peak Oil
The term Peak Oil refers to the peak of the earth's oil production. This is the point at which oil production or our capacity to find oil reserves has reached it's limit.In 2004, 30 billion barrels of oil were consumed worldwide, while only eight billion barrels of new oil reserves were discovered.
Even though new discoveries are in decline, in the current Oil Market Report, the International Energy Agency (IEA) estimates that global demand will continue to grow annually at an average of 1.8 to 2.0 million barrels per day (bpd) through 2010.
More Information - See:
Australian Association for the Study of Peak OIL and Gas
For a video on Peak Oil (and there's many) see:
Crude Awakening: Peak Oil & The End of Cheap Energy: Part 2
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