Peak Oil has been a theory of immense discussion and though I don’t get much of it, the comprehension that it has something to do with maximum oil production around the globe is ample for me and for the rest of you. I may not understand the basics of Peak Oil, but what I do know is that the global oil reserves are diminishing fast. Indeed, the heavy oil consumption now leaves us at a point where only half of the earths’ oil reserves are left.
Dr Clifford Wirth has come up with a set of graphs for Timesonline where he uses the depiction to prove how we are at the halfway mark. His first graphical representation shows how the global crude oil production is on a decline currently and would see an acceleration after December 2010.
The second is a reflection on net oil production. A significant amount of oil is used to extract, refine and deliver oil. This proportion is always on the rise and hence the net production keeps declining.
With his representations, Wirth depicts the drooping energy return on energy invested. It means the amount of energy being wasted in the production of energy, ultimately signifying that only half of the earth’s oil deposits are left.
So will the United States run out of oil any time soon? Well, it’s probably going to happen sooner than you ever expected!
Image courtesy of azrainman