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Peak Oil

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Peak Oil

Contrary to popular belief, your car may not have gas forever. In the 50s, M. King Hubbert predicted what is now known as the Hubbert Peak Theory. Over time, oil production will increase until it reaches the highest possible point, peak oil, then oil production will decrease forever. Hubbert's Hypothesis was tested in the 1970s when (he believed) oil production in the United States reached its peak and has steadily begun to decrease over time, with the exception of the discovery of the Prudhoe Bay oil field in Alaska (the last major oil field discovered on March 12, 1968.) Peak oil would mean a decline in not only gas powered vehicles but also oil products, such as gas used to heat homes and plastics used in everything from clothes and household products. However, many experts still debate when peak oil will occur. Optimistic predictions regarding when there will be a global decline in oil or the point of global peak production are around the year 2020 or later. Negative predictions regarding peak oil, argue that the peak has either already occurred or is right around the corner.
According to the International Energy Agency (IEA), production of conventional crude oil actually peaked around 2006. Unfortunately, we will continue to see a steep decline in our natural oil reserves. The IEA predicts less developed nations will account for 93 percent of the projected increase in world energy demand. China, in particular, is projected to account for 39 percent of rising energy demand and 57 percent of rising global oil…...

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