What is peak oil? Peak oil is a theory at a point in time, according to a bell curve created by Hubbert in 1930's, which shows the relationship bettween the consumption of oil and the worlds availability or lack there of. After the its peak, the rate of production enters its terminal hard decline while demand and price exhorbantly increase.
In 1956, Hubberts peak oil theory was first used to accurately predict the US peak of oil bettween 1965 - 1970 ( Remember the oil crisis ).
If you think $100 dollars a barrell is expensive, just wait until 2015, when the world will demand 40 million barrells more a day of oil which will not be available!
( Study conducted by both A.S.P.O. Association for the Study of Peak Oil and Gas and C.E.R.A. Cambridge Energy Research Associates ).
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