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  5. > Peak Oil: The nightmare scenario of the oil drying up, could be close

Introduction

The ultimate conclusion of the peak oil theory is rather disastrous, in that it suggests that the single most important energy resource is soon going to be unusable. Through either the complete depletion of the reserves of this finite resource or the economic impossibility of extracting the most difficult to reach remaining reserves, human society will have to find new, alternative resources.

Features and benefits

* Understand just how the theory of peak oil is applied and what its academics think is the future of the oil industry.
* Learn where our oil is coming from and where new sources of oil currently being found.
* What are the major companies currently doing to secure oil sources and what countries are the major producers?
* Learn what the 'unconventional' segment is and why it is being hailed as the saviour of our energy needs.
* Examine why, if our oil production has hit its peak, there are a number of catastrophic predictions for what comes next.

Highlights

Hubbert’s peak is the peak oil theory and is essentially a bell curve chart shape describing production of a finite resource. Hubbert was a respected oil and gas analyst who predicted correctly when the USA’s boom oil production period would end and this theory is being applied today to help establish when global production might peak.
Prices are the most important factor that will determine how we manage our oil sources. Oil companies need higher prices in order to explore the much more costly new types of oil, but higher prices will produce a drop in demand. It is therefore possible that despite having many untapped sources available we may not be able to afford to access them.
Unconventional oil sources are hailed as being able to replace all our conventional oil wells, through the use of new technologies to access vast amounts of untapped reserves. However demand is such that they are unlikely to be able to ever replace conventionals at a rate consistent with demand.

Your key questions answered

* What is peak oil and who are its proponents?
* How much do we rely on crude oil and what do we do with it in society?
* Do we have alternative sources of energy that could replace oil around the world?
* Who produces the most oil and how much are they producing currently?
* Is there any evidence that the peak of oil production might be today?

Table Of Contents

Peak Oil: The nightmare scenario of the oil drying up, could be close
OVERVIEW
Catalyst
Summary
THE PEAK OIL THEORY AND CONSUMPTION
Hubbert's peak showed how oil would peak and decline
Why peak oil is not a major global concern today
Despite Hubbert's prediction successes it is hard to be specific
Consumption is unrelenting
THE CONCEPT OF INFINITE OIL
Price is the key element to how much oil we can have
The rule of diminishing returns is key
The mysteries of OPEC mean there are unknowns
Peak theory can be seen in action
UNCONVENTIONAL OIL SOURCES
Unconventionals are providing the only real growth
Demand is going to outstrip what unconventionals can supply
The model of Fort Worth Texas shows rapid depletion
Energy output is worryingly low compared to input
WHAT ARE THE OIL MAJORS CURRENTLY DOING
Conventional exploration is rapidly becoming fruitless
Price rises are key to continuing growth of the majors
Rosneft and ExxonMobil move into the Russian Arctic region
Minors enter the market due to majors ignoring higher risk
IF PEAK OIL IS HAPPENING WHAT DOES THIS MEAN?
When might the peak be and when will we run out?
Geographical instability and war could be a factor
Many analysts suggest a Doomsday scenario
CONCLUSIONS
Prices may kill the oil industry while there is still oil left
Unconventional oil sources are unconvincing at present
Even if the peak doesn't come today it will eventually arrive
APPENDIX
Definitions
Sources
Further Reading
Ask the analyst
About MarketLine
Disclaimer

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