According to the Hubbert peak theory, reaching a state of “peak oil” is bad because after the world has reached that state, the world’s rate of oil production will “terminal[ly] decline”, leading to economic catastrophe. His plot of global oil production over time states that oil production will shrink from peak to zero in only about 200 years.
It is important to note, however, that the Hubbert peak theory is a theory and not scientific fact. Petroleum executives like Joe Sparano (my second citation below) are arguing that the peak oil theory is unproven and that consumers (not theories) should drive the world’s energy markets.
Additional citation: http://en.wikipedia.org/wiki/File:Hubbert_peak_oil_plot.svg
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