Oil
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: Resource Depletion
Famous quotes containing the word oil:
“Is a park any better than a coal mine? What’s a mountain got that a slag pile hasn’t? What would you rather have in your garden—an almond tree or an oil well?”
—Jean Giraudoux (1882–1944)
“I bade, because the wick and oil are spent
And frozen are the channels of the blood....”
—William Butler Yeats (1865–1939)
“It is wise to apply the oil of refined politeness to the mechanism of friendship.”
—Colette [Sidonie Gabrielle Colette] (1873–1954)