Oil depletion

Oil depletion is the inescapable result of extracting and consuming oil faster than it can be replaced. Because the oil resource is not infinite, and its current replacement rate is quite slow relative to use, it will at some point be depleted. No one knows for sure when the inevitable depletion of oil reserves will begin, or what the consequences will be. The Hubbert peak theory, is an influential theory concerning the long-term rate of conventional oil (and other fossil fuel) extraction and depletion. The Hubbert peak theory is named for American geophysicist M. King Hubbert, who created a model of known reserves, and proposed the theory. The concept of passing the peak-point, so that society is on the downward side of the oil supply curve, is also referred to as Peak Oil or The end of cheap oil. Many predictions have been made about the potential consequences of passing the peak. These estimates range from warnings of a doomsday scenario to faith that the market economy will allow a relatively smooth transition to other energy sources.

Related Topics:
Hubbert peak theory - Oil - Fossil fuel - Geophysicist - M. King Hubbert - Doomsday - Market economy

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The globally dominant and most widely accepted scientific view, however, is that combustion of oil and other fossil fuels is causing climate change, and that the catastrophic effects of this require alternatives to oil regardless of any decline in oil supply. Accordingly, some take the view that oil depletion does not matter, regardless of the interest of geophysicists in the subject, as the effects of climate change will be felt long before the effects of oil depletion. This is however debateable as the timing of any effects of climate change depend on a number of, often unmeasurable, environmental factors. In practical terms it is irrelevant why alternatives to oil based energy sources need to be found, as both climate change and oil depletion are simultaneously driving this need. This article deals exclusively with the peak oil theory and the predicted effects & implications of the depletion of existing oil resources.

Related Topics:
Fossil fuel - Climate change - Alternatives to oil

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