Peak Oil Issue Introduction Peak oil simply refers to the long-term “climax” of oil production globally. People must note that oil and gas cannot be renewed and thus these resources become limited. This is what brings about the peak value in oil production as well as peak time as the process continues. This concept is a manifestation of depletion of finite resources. It is clear that all the fields globally have a maximum rate of life. When almost half of these oil fields are exhausted, the life rate reduces. Some of the main factors that determine the rate of “peak oil” are population, economic activities as well as political stability of a nation. Global oil demand has grown steadily thereby increasing its prices. Scarcity of this product will definitely lead to increased prices thereby affecting the economic trend of nations. It is important to understand some of the terms used in determining peak oil; rate and reserves. In this context, rate is described as the speed at which oil is produced. A reserve refers to the quantity of oil available in a particular space, location or area for production. Energy consumption has recently increased compared to the quantity consumed in 50’s. It is has been analyzed that current weekly consumption is six times the amount consumed in 1950 – the entire year.
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