What Is Peak Oil?

Peak oil is the highest rate of crude oil extraction achieved in a particular area. Once the highest rate is achieved it can only decline after that. Peak oil is achieved by different contents and countries all over the world at different times.

When was World Peak oil?

World Peak Oil Was Achieved In 2006, Projected Demand Increases Outstrip Production Driving Prices Up.

According to the International Energy Agency Peak Oil Was Achieved in 2006. (of conventional Oil supplies)

When was Peak Oil in the USA?

According to figures about American Oil Production the American Peak Oil was achieved in 1970 as demonstrated by the above graph.


What Does Peak Oil Mean For The World?

It is clear what peak oil means from recent trends. Peak oil means the end of cheap oil. As demand has been increasing rapidly year on year but peak oil was achieved in 2006 it means that demand is rising and supply is falling. Economic theory (which is proven true in real life) says that prices will continue to rise into the future. This will force oil dependent countries to either cut down on consumption or search for unconventional oil supplies (such as Tar Sands, Oil Shale and Arctic Oil).