Peak oil is the point when the maximum rate of petroleum extraction is reached after which production is in terminal decline.
The definition of peak oil i s the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. So basically, it’s the simplest label for the problem of energy resource depletion, or more specifically, the peak in global oil production. The rate of oil ‘production’, meaning extraction and refining (currently about 85 million barrels/day), has grown almost every year of the last century. Once we have used up about half of the original reserves, oil production becomes ever more likely stop growing and begin a terminal decline, hence ‘peak’.
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