What happens when the world reaches PEAK OIL?

Question

PEAK OIL THEORY basicly says that in the few years or so the world supply of oil will not be able to meet demand anymore (since the 70's many individual countries have reached peak oil and then have to import to meet demand...like the USA) Once the entire world reaches peak however...all that can happen is the collapse of the entire world economy. Or so goes the theory. (Type "Peak Oil' into a search engine if you haven't heard about it) Anyway, some people think we can switch over to alternate energy sources...but many admit there is no time...oil makes the world go round. What do you think is going to happen

Answer 1

It is a real concern, but whenever someone makes a prediction about when a country of the world will reach peak oil output, they do so with what then is considered a researve. As the cost of a barrel of oil increases, sources for oil that were once not considered a researve then become on because at that cost it is economically viable to recover it. With the recent spike in oil prices, North America can now clasify the tar sands in Canada and the oil shales in Colorado oil researves, and that being the case, it is estimated that in the US alone, we now have more economically recoverable oil then Saudi Arabia, the worlds largest exporter. As the price continues to increase, other marginal sources will become economically viable. Sooner or later, we will reach a point where there simply isn't enough oil available for any price, but that is still a ways off yet. I believe that before we reach that point, oil will be more expensive then alternate fuel sources. Through simple economics, I believe that people will begin using these alternate fuels simply because they are less expensive. I believe that the high cost of oil will spawn invention and inovation into the energy sector, and I believe that has already begun. We are working on increasing production of biodiesels and ethenol, and there is increased research into fuel cells and electric autos. I think the future lies in hydrogen burning technology personally. We already have engines that burn Hydrogen, but we're still working on the fuel tank dilema. So, for a long answer, I believe that there is and will be time. I'm looking foward to being put out of buisiness.

Answer 2

The main pressures will be on food security because as the cost of production increases energy hungry agriculture sectors may become non-viable. It will make nation who are not capable of converting to other energy sources fall on hard times or even go back to subsistence living and the modernized countries will experience increased prices of everything. it will change everything we do and disenfranchise a lot of people left out of the market by the high price.

Answer 3

a theroy 3 billion people will die because of this 6 billion are here now the world cannot produce a high enough amount of food to supply all of the hungry mouths

Answer 4

George Bush will invade Iraq hoping to grab their oil using the excuse that they have weapons of mass destruction.

Answer 5

the people will all go nuts and u will see polices going around squeezing fat people 's oil ( Fats ) in order to get some Oil.

Answer 6

thise will be the end of the world no food no pplates no nothing a lot of people will be died the ecnomy of all coutries will go down every thing will be worth