What is Peak Oil?
Geography: KS3, topic 7.2.5
What is Peak Oil?
Peak Oil is a concept that refers to the point in time where we reach peak oil extraction. So, the point in time where we are getting the most oil from the ground. After that point, our oil extraction will decrease.
Why will peak oil happen?
- Peak oil is believed to happen when we have accessed all of the oil that is easy and cheap to access.
- After that point, it will become harder and more expensive to reach the oil underground and so we will use other fuel sources instead.
- For example, rather than mining for oil under the ice sheets of Antarctica, we might use renewable energy sources.
When will we reach peak oil?
- Some people believed that we could reach peak oil in the early 21st century. Some people said 2015.
- But as new oilfields are always being discovered by big oil and gas companies, many people now believe that we will reach a peak in demand before we reach peak oil.
- So, we will have switched to other fuel sources before we reach our maximum extraction.
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What is NOT a likely consequence of reaching peak oil?