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Peak Oil Defined
Peak Oil: Occurs when oil extraction and processing can no longer meet world demand. Due to the finite nature of fossil fuels this marks the beginning of a permanent decline in oil output creating intense competition for short supplies. Competition and conflict grow in proportion to the decline in oil supplies and the increase in demand for oil. Peak oil imposes enormous economic and social disruptions and the more highly developed oil-dependent nations will suffer the greatest loss of productivity and economic security. Peak Oil is not about running out of oil; in many ways its worse because it is happening without countermeasures to mitigate the harm it causes.
Increased international tensions, continuous wars, recessions, depression and social chaos can arise from Peak Oil as high oil prices and reduced supplies destroy productivity and cut-off large segments of the population from the necessities of life. Many of the science oriented, independent experts predict the impact of Peak Oil to be widespread within a few years and most within a decade. Few, if any predict it later than 2020.
Worse yet, A recent consultant’s report to the U S Department of Energy states that it would take 20 years prior to Peak Oil to make a smooth transition from oil to other depletable replacement fuels and that 10 years of preparation would help but not avert massive liquid fuel shortages and massive social and economic disruptions.
To learn more about Peak Oil, check out the website of the Association for the Study of Peak Oil and Gas : http://www.peakoil.net