Peak Oil

Week 04-Written Assignment
Explaining upper side oil Theory
Sarah Smith
Rasmussen College

Authors Note
This research is being submitted on April 25, 2012 for Leroy Walstons G350/GE3374 Section 02 Conservation of Resources course, spring 2012.




Explaining circular Oil Theory
Mr. Hubbert set out to scientifically formulate a mode to prefigure power point oil production in the US, accordingly the Hubbert Curve. From our reading and video this week, flier Oil is that point when the foundations oil supply will hit its max. Peak Oil will also signal the start of a progressive decline where our need for oil will at last exceed our supply and employment, food, and more will take oer causing ciaos. Peak oil should not be misidentify with Oil Depletion which is what I feel we be in obligation now.
Peak Oil will hit a peak when the maximum rate of global petroleum extraction is reached. one time humans begin draining the worlds oil supply as efficiently as possible, production has nowhere else to go except down (Winfrey, 2010). Peak Oil does not mean we prevail run out of oil completely but that we be down to the bottom of the barrel and it will not be cheap by far. One article described it as switching from a buyers market to a sellers market and I thought that was an dead-on(prenominal) example.



I also found some research that thinks the Peak Oil Theory is nothing but assumptions. The flaw of Peak Oil theory is that it assumes the amount of a resource is a static number determined solely by geological factors. But the size of an exploitable resource also depends upon price and technology. These factors are very difficult to predict (Deming, 2012). Petroleum reserves are at an all-time high whether anyone believes in the theory or not. Demand is growing and supply is depleting and there is no centering around it. Just as water power dark to wood burning, wood burning graduated to coal, and coal highly-developed into oil, I do believe that oil will short develop into the next generation of technology.
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