By Richard Heinberg:
During the past decade a growing chorus of energy analysts has warned of the approach of “Peak Oil,” the time when the global rate of extraction of petroleum will reach a maximum and begin its inevitable decline.
I do not propose here to provide more than a bare-bones explanation of Peak Oil (detailed information can be accessed by way of the footnotes). Suffice it to say that while there is some dispute among experts as to when it will occur, there is none as to whether. The global peak is merely the cumulative result of production peaks in individual oilfields and in whole oil-producing nations, and these mini-peaks are occurring at an increasing rate.