What is peak oil and why should we be concerned?
Peak oil was first termed by M. King Hubbert in 1956 in his accurate prediction that US oil production would decline between 1965 and 1970. Today, it generally refers to the point or timeframe at which the maximum global petroleum production rate is reached and a terminal decline begins. The aftermath of peak oil will result in decreases in the availability and increased in pricing, particularly for rural communities located at the end of the fossil-fuel ‘pipeline.’ Experts agree that without significant investments in alternative energy projects, communities may have trouble meeting their energy demands.
Peak oil was first termed by M. King Hubbert in 1956 in his accurate prediction that US oil production would decline between 1965 and 1970. Today, it generally refers to the point or timeframe at which the maximum global petroleum production rate is reached and a terminal decline begins. The aftermath of peak oil will result in decreases in the availability and increased in pricing, particularly for rural communities located at the end of the fossil-fuel ‘pipeline.’ Experts agree that without significant investments in alternative energy projects, communities may have trouble meeting their energy demands.
