Peak oil

Peak oil is the point when global oil production reaches its maximum rate, after which it will begin to decline irreversibly.[need quotation to verify] The main concern is that global transportation relies heavily on <a href="/facts/Gasoline/lcnxq5BS">gasoline</a> and diesel. Transitioning to <a href="/facts/Electric_vehicles/jhCbx5ur">electric vehicles</a>, <a href="/facts/Biofuels/RWu7b6Y3">biofuels</a>, or more efficient transport (like <a href="/facts/Trains/0mkFQDg9">trains</a> and <a href="/facts/Waterways/F0cpQUNN">waterways</a>) could help reduce oil demand.
Peak oil relates closely to <a href="/facts/Oil_depletion/RR1lWYkH">oil depletion</a>; while <a href="/facts/Petroleum_reserves/BwyxFyPG">petroleum reserves</a> are finite, the key issue is the economic viability of extraction at current prices. Initially, it was believed that oil production would decline due to reserve depletion, but a new theory suggests that reduced oil demand could lower prices, impacting extraction costs. <a href="/facts/Demand_destruction/2yjIhLAh">Demand may also decline</a> due to persistent high prices.
Over the last century, many <a href="/facts/Predicting_the_timing_of_peak_oil/C851tsqy">predictions of peak oil timing</a> have been made, often later proven incorrect due to increased extraction rates. <a href="/facts/M._King_Hubbert/wgahe5mY">M. King Hubbert</a> introduced the concept in a 1956 paper, predicting U.S. production would peak between 1965 and 1971, but his global peak oil predictions were premature because of improved <a href="/facts/Oil_drill/mNNRJmuE">drilling</a> technology. Current forecasts for the year of peak oil range from 2028 to 2050. These estimates depend on future economic trends, technological advances, and efforts to mitigate <a href="/facts/Climate_change/rEN4BDE7">climate change</a>.

Peak oil open-in-new

Peak oil