Peaking Of World Oil Production

"Oil is the lifeblood of modern civilization. It fuels the vast majority of the world’s mechanized transportation equipment – Automobiles, trucks, airplanes, trains, ships, farm equipment, the military, etc. Oil is also the primary feedstock for many of the chemicals that are essential to modern life. This study deals with the upcoming physical shortage of world conventional oil —an event that has the potential to inflict disruptions and hardships on the economies of every country. The earth’s endowment of oil is finite and demand for oil continues to increase with time. Accordingly, geologists know that at some future date, conventional oil supply will no longer be capable of satisfying world demand. At that point world conventional oil production will have peaked and begin to decline."