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The Earth’s supply of conventionally reservoired crude oil is large but limited and, given that oil is a non-renewable resource, it will not last forever. Nearly all of our prolific petroleum basins are believed identified and most are partially to near-fully explored. Nearly all of the largest oil fields in these basins have already been discovered and are being produced and, in some, production is indeed clearly past its peak. There is a world-wide topping point on the horizon. The theory of peak oil states that oil production levels will reach a high point and then fall thereafter because oil reserves are limited and being depleted at a faster rate than they are replenished or discovered. When this peak will happen is highly disputed. Some say it already has, and even the most conservative estimates place the date at around 2030. What is undisputed is that the world’s supply of oil will peak—whether you believe we have 2 trillion barrels left as the energy companies and most governments do, or that we have only 1 trillion barrels left as many geologists and other experts do—and that sometime between now and the 2030s oil production will begin to decline. The consequences of this peak will vary depending on how well we prepare for it and how quickly it translates into higher oil prices. To learn more about the various theories of when oil will reach its peak, please visit:
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