Have our oil reserves peaked?  Peak oil is a concept that was originally devised by M. King Hubbert in the 1950s.  The basic concept is that once oil production reaches its maximum output, a sharp decline will follow… creating massive economic problems.  It is estimated that our known oil deposits will be depleted by the year 2052.  Predictions vary greatly as to what exactly these negative effects would be.

Optimistic estimations of peak oil production predict the global decline will begin after the year 2020 or even 2030.  They assume major investments in alternatives fuel/energy sources will occur without requiring drastic changes in the lifestyles of large oil-consuming nations, like the USA, Canada, Brazil, China, Japan, for example.

Pessimistic predictions of future oil production made after 2007 stated either that the peak had already occurred, that oil production was on the cusp of the peak, or that it would occur shortly.  The science isn’t precise, so we may never know if peak oil production has been reached until years after it’s occurred.

Have we reached peak oil?

Source: http://www.chilternthrustbore.co.uk/blog/2015/10/have-our-oil-reserves-peaked-(infographic)/

  • Bearvarine

    We may never actually get to “Peak Oil”, at least by its original meaning (declining supply in the face of flat or increasing demand). Instead, we may see a de-facto Peak Oil caused by decreasing demand. That is, if current alternative energy sources continue to meaningfully supplant petrochemical energy production. There is no reason to believe this won’t happen, at this point. The major Oil Producers have delayed the world’s conversion process to renewable energy alternatives, but as global warming continues to spawn more frequent severe weather episodes around the world, the public will demand something be done about it. That something is to get off oil and coal burning.

  • hhskandymon

    Haven’t we been pulling less oil/petroleum/etc out of the ground every year since 2008? Commented so I can return later with a source.