Definition of Peak Oil: What Peak Oil Is, and Where to Find Peak Oil Information
According to the basic definition found on Wikipedia, “Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline.”
By observing production rates of individual wells all over the world, as well as related wells in a combined oil field.
The rate of production for an oil field over any period of time typically grows exponentially until the a peak rate, at which point it then declines — often rapidly — until all of the oil in the field has been depleted and is gone. Learn more information on this concept by studying the Hubbert curve.
Not to be confused with the overall depletion or use of oil supply, peak oil instead can be defined as “the point of maximum production.” Depletion refers to any period of time in which oil supply and oil reserves are in decline, or falling.
According to other sites (listed and linked to below), “Peak oil theory states: that any finite resource, (including oil), will have a beginning, middle, and an end of production, and at some point it will reach a level of maximum output as seen in the graph to the left.” Continue reading
