Peak Motor Oil

The global peak motor oil may be as early as 2030. Oil is produced in many countries, but the supply is now becoming harder to find and can be more expensive to extract. At some point in time the extraction of oil will reach a peak and then decline, the question is when?

Peak Oil facts

  • There is a decline from existing oil fields
  • Large resources may be available, but finding them and extracting the oil may take some time
  • The global peak is likely to be before 2030
  • The quantity of oil required is increasing
  • Demand is expected to increase by 37% between 2006 and 2030
  • We are reliant on oil for transportation
  • Most oil fields reach a peak when less than a half of the oil has been extracted

One of the problems is the demand the United States Census Bureau has predicted that the population in the US will almost double between 1980 and 2030. There are far more cars on the road now than 10 years ago and this figure is expected to rise continuously.

A recent report published by the UK Energy Research Centre states that there is evidence to support the fact that peak oil extraction will be reached by 2030 and may be as early as 2020. The report used evidence from more than 500 studies from across the world.

With the risk of peak oil and inflated prices we need to look at alternative fuels, eco driving and alternative transport, like the electric car.

Peak Oil Myth

Some experts believe that peak oil is a myth and we will continuously be able to extract oil and new fields will be found. As prices for oil rise it will become more viable to spend more on technology to extract oil.

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