Peak oil is the notion that the worldwide production rate of petroleum will one day max out—if it hasn't already—and then begin a slow and steady decline. Once past the peak, no more drilling, increased exploration, new technologies, increased investment, or other intervention can prevent the production declines. For more on peak oil, check out TakePart's comprehensive page devoted to the issue.
March 8, 1956 Dr. M. King Hubbert, a Shell Oil Company geophysicist, delivers a speech to the American Petroleum Institute. In '56, the U.S. was producing 7 million barrels a day from 569 wells, making it the largest producer in history. But Hubbert made a startling prediction: U.S. oil prediction would peak in 1970. He was ridiculed.
1970 the year that the the United States reached peak oil production
66 percent of oil-producing nations (45 of 64, including 15 of 23 largest) that have reached peak oil
700 number of barrels of oil, in millions, that the United States Government has stored in the Strategic Petroleum Reserve Inventory. The SPR, as its known, is meant only for short-term purposes; the 700 barrels would last only 3 months.
20 According to most scientists, there is almost nothing we can do to prevent peak oil from occurring. What we can do, however, is start right now—today!—to break our oil addiction. Treehugger suggests 20 ways to begin our petro-detox.
Sources: Energy Bulletin, The View from the Peak, The Dirt, Green Car, Treehugger
ccgd's Flickr photostream/Creative Commons
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