The catch phrase “Peak Oil” refers to one predominant theory of what will happen as the world’s oil supplies begin to dwindle. You can read more about it also on Wikipedia. Apart from the Deep Hot Biosphere types, we all know that there is a finite amount of rock oil under the earth, and that sooner or later it will run short or run out. The big questions are when we would run out, how the situation would look when we ran out, and what we could do to continue living comfortably come that day. The peak oil theory was first spelled out in a paper published in 1956 by the oil geologist M. King Hubbert, who took a probabilistic look at the oil exploration and extraction process, and with it predicted the way oil supply would act in the future.
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