Oil industry is one of the biggest industries in the whole world, as oil is our most important natural resource. We cannot imagine the society as we know it without oil. Still, specialists say it is possible that, not in a very long term, to have to learn how to live without oil, because the moment known as “Peak Oil” has already passed or is just around the corner. Of course, there are also specialists who say that the world is still “bathing” in oil and we shouldn’t worry for that for many years ahead. So, who is right and who is giving the wrong signals? Who should we trust? What are the figures saying? Should we start looking for an alternative as soon as possible or should we relax and wait for the moment when we must start to worry? Is “Peak Oil” only a myth or is it the reality that we are confronting nowadays? The literature and specialist in the domain don’t give us too many information, but we can still draw some conclusions from what we know.

Keywords: Hubbert, Hubbert’s curve, Peak Oil, energy resources, oil

Article Review Status: Published

Pages: 1-15 (Download PDF)

Creative Commons Licence
This work by European American Journals is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License