Peak oil refers to the point at which we have already extracted half of our available supply of petroleum. If we look at our rate of oil extraction over time, it will take the form of a bell curve, and the highest point on the bell is peak oil. Once we pass this point, the curve is a downhill slope which signifies less oil getting extracted. However, because our population is projected to keep growing, the demand for oil becomes greater than the supply. Once supplies become scarce, prices go up.
In short, oil will get more expensive as we get further away from peak oil.
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