Peak Oil Essay

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Peak Oil
The Hubbert Peak Theory says that at some point oil production will peak, after which the amount of oil that is being produced will decline. Once the decline has started it will become a loss in oil production and will never again reach the levels they were at during its peak. When this takes place there are going to be serious consequences to the world’s economy that relies on oil.
Proponents of this controversial idea say global oil production is now at or near its zenith. Once the flow crests and starts to decline oil will no longer be able to supply the world's growing need for energy. The price of a barrel of crude will spiral to $200 or more in this event. What matters is that peak oil is coming, and soon. Almost a century and a half after the first U.S. wells were drilled, production has begun to decline in more than a dozen countries, including the U.S. Production at the giant Cantarell oil field in Mexico is likely to decline 8 percent this year, according to Mexican state oil monopoly Petroleos Mexicanos. (Kedrosky, 2006)
Like many oil-industry leaders believe that the market forces and technological advances will cure our energy issue, not believing in the peak oil theory. As oil prices rise, companies will be more willing to hunt for crude and extract it. They'll invest in expensive deep-water wells and new technologies to extracting more oil from existing fields. As a result, consumers will start conserving energy due to the high cost. Even now, oil

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