Individual Questions and Information about Peak Oil:)

Definition - Around the globe, there is a limited amount of oil that we can extract. Peak oil is a point where the supply of oil is at its limit. Different Economists have varieties of predictions as to when peak oil will happen. Some say that it will happen in about ten or twenty years from now and others say that it has already passed. And, when that happens only a very little amount of it will be shared around the world, and that also will be monopolised by only a few countries. This isn't only an environmental issue, it is also a security and economics issue.

What is Peak Oil? - Oil, is a limited resource. It takes hundreds of millions of years to fully produce. Peak oil is when oil extracts from the globe and begin to decline. While supplies decrease, the demand of oil increases after peaking. 82 million barrels of oil are consumed everyday around the world, 44% of oil is made into gasoline, 35% is made into other fuels but what about the rest? They're probably used for farming, food coatings like tomatoes, plastic, chemicals in make-up and much much more. 

So, what happens to the future after peak oil occurs? One thing for sure - prices will go up, shortages of supplies, economic depressions, conflicts between countries to get resources, global warming or clean renewable alternatives are put in, allow fewer cars on the road and make way for a sustainable and healthy future. There is still one more question to bare in mind...WHEN will it happen? there are still debates going around about the exact date, but one thing is certain..."No matter what else happens, this is the century in which we must learn to live without fossil fuels."- David Goodstein, Out Of Gas.

Where does the world oil come from? - The top 3 countries of where oil comes from are Saudi Arabia, Russia and Norway.

Who is Hubbert and what is his curve? - The Hubbert curve is based on this geophysicist M. King Hubbert and how he came up with it. It is an approximation of the production rate of a resource in a matter of time. It is a symmetric curve and it first appeared when Hubbert presented it to the American Petroleum Institute in 1956 during his tenure at the Shell Oil Company. The curve gained a high degree of popularity for predicting the use in supplies of various natural resources in the scientific community. The curve is the main issue of the Hubbert Peak Theory which has lead to the concerns of peak oil. He used his model in 1956 to create a curve which predicted that the oil production un the US would peak around 1970.

BBC peak oil debate - 

BP oil in Brazil - This venture to Brazil is to find huge oil reserves to pay every single debt. BP oil is exploring oil reserves there to pay off their debts from the Mexican gulf incident. They are also selling their Canadian reserves off.