Emerging Oil Shortage
“Peak oil” is the period when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. It relates to a long term decline in the available supply of petroleum. This, combined with increasing demand, will significantly increase the worldwide prices of petroleum derived products. Most significant will be the availability and price of liquid fuel for transportation.
The US Department of Energy in the Hirsch report indicates that “The problems associated with world oil production peaking will not be temporary, and past “energy crisis” experience will provide relatively little guidance.”
Read more about this topic: Energy Crisis
Famous quotes containing the words emerging, oil and/or shortage:
“That which is given to see
At any moment is the residue, shadowed
In gold or emerging into the clear bluish haze
Of uncertainty. We come back to ourselves
Through the rubbish of cloud and tree-spattered pavement.
These days stand like vapor under the trees.”
—John Ashbery (b. 1927)
“It is wise to apply the oil of refined politeness to the mechanism of friendship.”
—Colette [Sidonie Gabrielle Colette] (1873–1954)
“As long as green hills are there, never fear a shortage of firewood.”
—Chinese proverb.