Energy Plan: What Will Happen After Oil Production Peaks?
Listener: 26 March, 2005
Keywords: Environment & Resources;
One day the world’s total oil production will peak, and decline thereafter. Some experts think that it will be this year or next, others predict that the peak is decades off. In 1979, British Petroleum experts predicted that it would happen in 1985. Forecasting the date involves a complicated assessment of future oil demands, production possibilities and costs of depleting fields, the discovery of new fields, and the extent to which alternative fuels will substitute.
But one day – probably in our lifetime – the world’s total oil production is going to peak.