Posts tagged “resource depletion”
If you happen to be interested in the topic of “peak oil”, you almost certainly know the name M. King Hubbert. While you may know that Hubbert is widely credited with accurately predicting the peak of U.S. oil production, you may not know the full context of his predictions — which are legendary in peak oil circles.
The history of the scientific study of peak oil dates to the 1950s, when Hubbert, a Shell geophysicist, reported on studies he had undertaken regarding the production rates of oil and gas fields. In a 1956 paper, Nuclear Energy and the Fossil Fuels, Hubbert suggested that oil production in a particular region would approximate a bell curve, increasing exponentially during the early stages of production before eventually slowing, reaching a peak when approximately half of a field had been extracted, and then going into terminal production decline.
A peak in oil production, that is the maximum rate of production after which a field, country, or the world as a whole begins to decline is at the core of the peak oil issue. A country is said to have peaked, or reached peak oil after it becomes apparent that oil production in the region is steadily declining year after year. CONTINUE»
A study on energy supply conducted by a German military think tank reports on the potential for serious consequences as oil production declines.