ESL Basic Facts
ESL Lesson 1
Oil in Our Every Day Life
ESL Lesson 2
The History of Mining
ESL Lesson 3
Economic growth
ESL Lesson 4
Delivery Systems
ESL Lesson 5
Cities and Population Movement
ESL Lesson 6
Recycling
ESL Lesson 7
Rubber
ESL Lesson 8
Farming
Hubbert Peak Theory
The Hubbert curve, devised by Dr. King Hubbert, is a model of future oil availability (the amount of oil that will be available in the future). The issue is not about "running out of oil" it never will be, it’s about not having enough oil to keep our economies running and expanding.
The Hubbert peak theory, also known as "peak oil", is about the long-term rate of extraction (take out of the ground) and depletion (using up at a known rate) in conventional petroleum (oil from the ground that you pump) and other fossil fuels. It is named after American geophysicist Marion King Hubbert, who created a model of known oil reserves (a known place where oil is located) on the planet, and proposed (gave the theory), in a paper he presented to the American Petroleum Institute in 1956, that oil production would peak (reach its highest level) in the continental United States between 1965 and 1970, and worldwide in 2000.
Hubbert, created a model of oil extraction which predicted (told in the future of an event) that the cumulative (total) amount of oil extracted (taken out) over time would follow a bell-shaped pattern now known as the Hubbert curve. The theory implies (says) that the predicted (know in advance) rate (amount) of oil extraction will reach a maximum (highest) level, and then deplete (decrease as more is used).
Above is a graph of Norway's production bell curve.
The peak of world oilfield discoveries (find new oil) occurred in 1962. In 2004, 30 billion (30,000,000,000) barrels of oil were consumed (used) worldwide, while only eight billion (8,000,000,000) barrels of new oil reserves were found. In August 2005, the International Energy Agency (IEA) reported annual global (worldwide) demand (want of a product) at 84.9 million barrels per day (mbd) or 31 billion barrels annually (every year).
Chevron has launched the Will You Join Us ad campaign, wanting to inform (tell) the public about the possibility of petroleum (oil product) depletion and encourage discussion (exchange ideas). "Fossil fuels (oil and natural gas) currently (now) supply most of the world's energy, and are expected to (predicted to) continue to do so for the future. While supplies are currently abundant (very large amount), they won't last forever. Oil production is in decline in 34 of the 48 largest oil producing countries.
More info at: http://en.wikipedia.org/wiki/Peak_oil
Continue to: Oil Reserves by Country
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Hubbert Peak Theory
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Oil Reserves by Country
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Energy Return on Energy Invested (EROEI)
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What is Crude Oil
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Classification of Different Types of Crude Oil
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What is in a Barrel of Crude Oil
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