What is a Peak Oil and When is It Going to Happen?
Peak oil is the point in time when crude oil production has reached its maximum rate after which it starts declining. Causes could be geological and economic factors. The term 'oil' has many definitions in English language but we use it as crude oil. 'Peak' means a bell shaped curve. The peak oil theory proves that when oil extraction reaches peak, price of crude oil grows and it will never fall. Also, the theory includes the notion that after this historical moment, oil will start declining
... start declining forever. The developer of peak oil theory is Marion K. Hubbert, who predicted the future of American crude oil. He explains that the United States started oil producing from zero in the late 19th century, reached peak between 1965 –1975 and declined from 1976. He predicted that for 2150, oil production will be the same as it was in the 19th century – zero. Later, Hubbert's notions expanded on other oil producing regions. There are proponents and opponents of peak oil theory, some agree and some disagree.Scientific research 'What is a peak oil and when is it going to happen?' aims to check and examine peak oil theory, its validity and compliance with reality. The paper includes five parts: introduction, observation, findings, conclusion and bibliography. In findings, which is a major research, peak oil theory is rejected and the reason is its inaccuracy with recent statistics of oil prices and undiscovered oil resources. As for the methodology, quantitative and qualitative methods are used for analyzing primary and secondary documents.