Not quite. It is a matter of when we can not extract the oil at a fast
enough rate to supply demand. In any oil field the rate of exracton can
increase to a point when it starts to fall, no matter how much effort is put
into trying to get more out.
Add all the wells together and you get a similar affect. Peak Oil has been
proven in the US of A in the OPEC crisis. The US oF A could not just open
the taps a wee bit more. Despite its best efforts oil production went down.
In the Ireasl war of 1967 they were able to turn the taps on some more to
make up for the short fall.
The really sobering thing is that we will know when peak oil is here when it
appears in the rear view mirror. Then the oil supply will decrease at about
3% per year. Life will then change some what on this planet.
On 21/11/2011 00:03, (PeteCresswell) wrote:
Or nuclear energy. Then the cost of wind energy becomes irrelevant.