‘Peak Oil’ is a technical term to describe the way we have used, or are getting very close to having used, over half of all the oil in the world. It suggests we’ll never be able to produce oil in quite the same way again.
This means we’ll be much more restricted in our ability to consume petrol and oil-based products and this has serious implications to our current way of life.
Over the last few years we’ve all witnessed motoring costs and heating our houses go up as petrol and gas have become more expensive. From time to time we hear more people saying things like ‘we’re running out of oil’. While that may not be strictly true, it does ask us to wonder how much longer we can continue to depend on the supply of oil that keeps us going. ‘Peak oil’ gives us a more accurate understanding of this situation and our relationship with the energy supply we have come to take for granted.
Why do we need to know about peak oil?
Almost everything we do depends on the availability of cheap fossil fuels, particularly oil. Just imagine how difficult life would be without our regular supply of cheap oil. Peak oil says we need to start preparing now for this eventuality.