Peak Oil

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Today, the world consumes approximately 84 million barrels of petroleum per day. The U.S. consumes 21 million barrels per day or 25% of the world’s output. Approximately two-thirds of this oil is used for transportation. The U.S. Energy Information Administration has projected that U.S. Oil consumption will increase to over 28 million barrels per day by 2025. At the same time, world oil demand is expected to rise significantly as developing countries such as India and China rapidly increase their use of petroleum. Transportation will be the fastest growing oil-consuming segment. The Institute for the Analysis of Global Security indicates that by 2025, the number of cars in the world is likely to increase to well over 1.25 billion from 700 million today. Global gasoline consumption could double.

The Peaking of Oil

To meet the ever-increasing demand for oil, new reserves must be continually discovered and brought on-line. Despite improved technologies for locating and extracting petroleum reserves, actual oil discoveries in terms of volume were at a high in the 1960’s and have since been on the decline.

Oil Discovery 1930-2050

(3 Year Average - Past and Projected)

What Does this Really Mean?

Some experts predict a global economic depression, violence and suffering. Others believe in a seamless, market-driven technological shift from fossil fuel to clean, renewable energy sources.

One thing seems certain: today, the U.S. is in a dangerous and vulnerable place. Developing the technologies and infrastructure necessary to sustain our global society means taking aggressive action now. A transformation in the way we live is essential and inevitable.

World Oil Reserves, 2002

Click the above image to read article "When the last oil well runs dry" by Alex Kirby, BBC News Environmental Science correspondence.

Did You Know?

Today, the U.S. consumes 25% of the world's oil output, and imports nearly 60% of its oil.
Our entire U.S. economy depends on cheap, available petroleum
Oil production is in decline in 54 of the 65 largest oil-producing countries
About one half of the world's oil reserves remain. It is expected that these reserves will be depleted within 25 to 30 years.
Most experts agree that the world consumes two barrels of oil for each barrel it discovers. But in 2005, that ratio took a turn for the worse: we are now using five barrels of oil for each one barrel found.
Within 10 years or less, demand is expected to outstrip the rate of production.

Without viable alternatives, the world will experience high prices and scarcity of products and services (i.e., heat, electricity, food).

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