Peak Oil Debate: A Reprint from the "Economic Review"For the past half-century, a debate has raged over when ¿peak oil¿ will occur ¿ the point at which output can no longer increase and production begins to level off or gradually decline. Determining how long the oil supply will last has become even more pressing because the world¿s energy supply still relies heavily on oil, and global energy demand is expected to rise steeply over the next twenty years. This article seeks to bring the peak oil debate into focus. The author provides definitions of frequently used terms, delineating types of reserves and conventional versus non-conventional resources. She also discusses how technological innovations, gov¿t. policies, and prices influence oil production. Illus. A print on demand report. |
Common terms and phrases
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