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Essay / Research Paper Abstract
This 3-page paper discusses peak oil theory, production and climate change. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: AS43_MTpeakoilt.doc
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Unformatted sample text from the term paper:
in oil prices. We most often hear about the latter when prices increase at the gas pump. However, the aspect of oil and
energy that hasnt gotten a whole lot of play, at least by the media, is that of peak oil. Peak oil is defined as the moment at which the rate
of crude oil production reaches its maximum - following that moment, the production declines (Ac, 2011). The critics are out as to when, exactly, peak oil has happened. The first
"peakist," Marion King Hubbert, predicted that the peak in oil production would occur sometime during the late 1960s or early 1970s (Ac, 2011). What weve found is that, since 1970,
U.S. oil production has decreased, with new oil discoveries slowing down as well (Ac, 2011). Some years later, in 1998, Campbell and
Laherrere pointed out that global oil production would start to decline before the year 2010, and that the decline would be irreversible. The authors of the seminal article "The end
of cheap oil" pointed out that its not important when the world runs out of oil, but rather, when production begins to taper off. What will happen, in response, is
that "prices will rise unless demand declines commensurately" (Campbell and Laherrere, 1998; p. 61). Whats interesting is that Campbells and Laherreres words were somewhat prophetic: During the 1990s, neither China
nor India had emerged on the scene has gluttons for oil. Yet production hasnt kept pace with the increasing demand. This has led
to two different positions. First, there isnt enough oil production to meet demand. The result has been, perhaps predictably, a rise in price. Yet the solution to the problem isnt
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