Peak Oil And The Looming Energy Crisis
The world is rapidly approaching and may even have passed peak oil production. Given the lack of serious alternative energy production facilities in place, our reliance on coal and oil may well have very immediate and significant political, social and economic consequences.
What is Peak Oil Production? This refers to the point where production of oil cannot meet demand, thereby causing a shortfall. This does not necessarily relate to the actual quantity of oil in the oil fields, but rather the rate at which it can be extracted and refined. The reality of Peak Oil is also unrelated to the origin of oil. There has been a debate running for some time as to the origin of oil. Some deposits suggest a fossil source, whereas others suggest that the oil is generated deep within the earth between the magma and the crust. This is known as the abiotic oil theory.