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:
“Adolescents swing from euphoric self-confidence and a kind of narcissistic strength in which they feel invulnerable and even immortal, to despair, self-emptiness, self-deprecation. At the same time they seem to see an emerging self that is unique and wonderful, they suffer an intense envy which tears narcissism into shreds, and makes other people’s qualities hit them like an attack of lasers.”
—Terri Apter (20th century)
“As artists they’re rot, but as providers they’re oil wells; they gush. Norris said she never wrote a story unless it was fun to do. I understand Ferber whistles at her typewriter. And there was that poor sucker Flaubert rolling around on his floor for three days looking for the right word.”
—Dorothy Parker (1893–1967)
“As long as green hills are there, never fear a shortage of firewood.”
—Chinese proverb.