Peak oil is a predicted rise, followed by a sharp decline, in the world's supply of oil. Oil has been an important part of the world's economic growth and prosperity since the industrial revolution. However, many economists and commentators argue that, in light of the theory of oil supplies peaking and then falling, called the Hubbert peak, society must invest in alternate sources of energy. Opinions differ as to when this will happen, how to replace fossil fuels with alternatives to oil, how difficult it would be to implement such changes, and whether they can happen before oil shortages threaten the economy. Societies without increasing sources of available energy cannot continue to grow, the consequences of which would be enormous as the modern, capitalist system is based on economic growth.

Catastrophe

Oil currently accounts for 40% of all of the United States' energy, along with an astounding 99% of transportation fuels. Disruptions in the supply of oil could cause life-threatening shortages and are a matter of political concern.

Bookmark/Search this post with:
delicious | digg | reddit | magnoliacom | newsvine | furl | google | yahoo