Peak oil is that point in time in which we have reached a maximum rate of petroleum extraction. It means that we have hit a point in which we can no longer extract petroleum at an exponential rate. On a graph, the rate of extraction will inevitably look like a bell curve with a terminal decline after a peak. Many experts believe we have hit peak oil, however it is difficult to tell what new technologies will allow for more and more oil extraction. It ultimately comes down to economics. When it becomes so expensive to extract petroleum that the profit margin is no longer large enough to continue to extract, an end will be seen to oil extraction.
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