Peak Oil is the time when the maximum rate of Global petroleum extraction is reached, after which the rate of production enters terminal decline. The extraction of oil always follows a bell-shaped curve, and once it reaches a peak, it becomes impossible to pump at the same rate and so production will inexorably decline.’World discovery of oil peaked in 1964 and has been declining ever since, despite considerable improvements in technology, and there is no prospect of any significant large discoveries. We are currently consuming more than six barrels for every one we discover. There is a growing consensus that we are now approaching, or are even at, the world oil peak’.(TTT).
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