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SVTPerformance's Chain of Restaurants
Road Side Pub
Death of ICE
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<blockquote data-quote="quad" data-source="post: 16605565" data-attributes="member: 17952"><p>A decade or more ago Peak Oil was quite a buzz word. It's basically the point at which production peaks and after that yields will decrease and never return to the previous high. Fossil fuel (oil) was formed when large quantities of dead organisms, mostly zooplankton and algae, were buried underneath sedimentary rock.</p><p></p><p>I used to think a lot of that oil came from dead dinosaurs (dino oil) but after I spoke with a relative (chemical engineer) who worked in Saudi Arabia for decades I realized I was mistaken. He told me most of the oil came from dead plant material and the dino oil theory was BS. Though it probably contributed a little. But he was not concerned about the supply of oil running out soon and thought there was plenty left.</p><p></p><p><strong><a href="https://www.thoughtco.com/oil-comes-from-dinosaurs-fact-or-fiction-3980636" target="_blank">Oil Comes from Dinosaurs - Fact or Fiction?</a></strong></p><p></p><p>But unfortunately there's a finite amount of oil on the planet and every year there's less oil than before. Eventually it will get more expensive to extract additional oil.</p><p></p><p>I used to read up on it a lot and it seems the consensus was that the world would have to plan for a transition from oil dependence decades before Peak Oil (PO) arrives. If we waited too long and PO arrived it would be a huge problem that could lead to death via famine. Resource wars would start as countries scrambled for oil. Some people think PO has already arrived.</p><p></p><p><a href="https://peakoil.com/enviroment/the-decline-of-oil-has-already-begun#:~:text=However%2C%20recent%20production%20data%20suggests%20that%20the%20all-time,rate%20of%2084.7%20million%20barrels%20per%20day%20%28mb%2Fd%29" target="_blank">The decline of oil has already begun | Peak Oil News and Message Boards</a>.</p><p></p><p>The switch to electrical power is inevitable. I also see things like tidal power plants become more important. The Earth does not have an infinite amount of materials to support huge populations for a very long time. It is actually not a very large planet.</p><p></p><p><a href="https://www.nasa.gov/topics/earth/features/earth20110816.html" target="_blank">NASA - NASA Research Confirms it’s a Small World, After All</a></p><p><span style="font-size: 15px"></span></p><p><span style="font-size: 15px"><strong><a href="https://www.powermag.com/ocean-power-developers-made-crucial-progress-in-2020/" target="_blank">Ocean Power Developers Made Crucial Progress in 2020</a></strong></span></p><p><span style="font-size: 15px"></span></p><p><span style="font-size: 18px"><strong><span style="font-size: 15px"><a href="https://www.investopedia.com/terms/p/peak_oil.asp" target="_blank">Peak Oil</a></span></strong></span></p><p><span style="font-size: 18px"></span></p><p><span style="font-size: 18px"><strong>What Is Peak Oil? </strong></span></p><p>Peak oil refers to the hypothetical point at which global crude oil production will hit its maximum rate, after which production will start to decline. This concept is derived from geophysicist <a href="https://www.investopedia.com/terms/h/hubbert-peak-theory.asp" target="_blank">Marion King Hubbert's "peak theory,"</a> which states that oil production follows a bell-shaped curve.</p><p></p><p>In the traditional vision of peak oil, the production decline accelerates as the challenge of extracting new reserves grows. This would put pressure on existing reserves that are drawing down overtime. If new reserves are not brought on line more rapidly than the <a href="https://www.investopedia.com/terms/p/proven-reserves.asp" target="_blank">existing reserves</a> drawdown, then peak oil has been reached. Peak oil has been declared several times, but each deceleration has proved premature because of new extraction technologies like <a href="https://www.investopedia.com/terms/h/hydraulic-fracturing.asp" target="_blank">hydraulic fracturing</a> and better surveying revealing previously undiscovered reserves.</p><p></p><p><span style="font-size: 18px"><strong> Peak Oil Supply and Demand </strong></span></p><p>Because oil is a non-replenishing resource, there is a limit to how much the world can extract and refine. However, the scenario of total depletion is just one version of peak oil. In theory, peak oil can be brought on by the production squeeze—the drawdown as adding new reserves gets more challenging—but it can also be caused by a production decline when oil alternatives become more cost-effective, pricing oil out of the market, and making <a href="https://www.investopedia.com/terms/e/exploration-production-company.asp" target="_blank">exploration and production</a> unprofitable.</p><p></p><p><span style="font-size: 18px"> </span></p><p><span style="font-size: 18px"><strong>Peak Oil Predictions </strong></span></p><p>There have been many predictions about whether and when the world’s oil production would peak. In 1962, Hubbert predicted that global oil production would peak near the year 2000 at a rate of 12.5 billion barrels per year. Twelve years later, he estimated that the world would hit peak oil if the current trends continued. Both his theories proved incorrect.</p><p></p><p>Some analysts and industry officials that believe we would see peak oil before 2030, but making these forecasts isn’t always easy because of the difficulty in measuring the actual size of the world’s oil reserves, especially since unconventional oil may not be expected to meet a shortfall.</p><p></p><p><span style="font-size: 18px"><strong> Possible Consequences of Peak Oil </strong></span></p><p>Some of the most obvious consequences of hitting peak oil are directly related to the economy. A drop in oil supplies will lead to a sharp spike in prices. And because many industries rely on crude oil and related products, other facets of the economy will see drastic changes. Major <a href="https://www.investopedia.com/terms/s/sector.asp" target="_blank">sectors</a> like agriculture—which are heavily dependent on the oil industry for pesticides, fertilizers, and fuel—could see a steep decline. But the ripple effect could continue to transportation and even the food industry, which could see increases in prices. In a worst-case scenario, large areas of the world could experience famine because of higher food prices.</p><p></p><p>People rely very heavily on crude oil and its many byproducts. That means that any decrease in oil production may result in a change in our culture and technology. Because of the reliance on fuel for transportation, a drop in oil supplies may make it <a href="https://www.investopedia.com/terms/s/sustainability.asp" target="_blank">unsustainable</a> for people to live in metropolitan areas unless they increase the use of alternative means of transport. The majority of the impact of peak oil would likely be felt in the lower to middle-income families.</p></blockquote><p></p>
[QUOTE="quad, post: 16605565, member: 17952"] A decade or more ago Peak Oil was quite a buzz word. It's basically the point at which production peaks and after that yields will decrease and never return to the previous high. Fossil fuel (oil) was formed when large quantities of dead organisms, mostly zooplankton and algae, were buried underneath sedimentary rock. I used to think a lot of that oil came from dead dinosaurs (dino oil) but after I spoke with a relative (chemical engineer) who worked in Saudi Arabia for decades I realized I was mistaken. He told me most of the oil came from dead plant material and the dino oil theory was BS. Though it probably contributed a little. But he was not concerned about the supply of oil running out soon and thought there was plenty left. [b][URL='https://www.thoughtco.com/oil-comes-from-dinosaurs-fact-or-fiction-3980636']Oil Comes from Dinosaurs - Fact or Fiction?[/URL][/b] But unfortunately there's a finite amount of oil on the planet and every year there's less oil than before. Eventually it will get more expensive to extract additional oil. I used to read up on it a lot and it seems the consensus was that the world would have to plan for a transition from oil dependence decades before Peak Oil (PO) arrives. If we waited too long and PO arrived it would be a huge problem that could lead to death via famine. Resource wars would start as countries scrambled for oil. Some people think PO has already arrived. [URL='https://peakoil.com/enviroment/the-decline-of-oil-has-already-begun#:~:text=However%2C%20recent%20production%20data%20suggests%20that%20the%20all-time,rate%20of%2084.7%20million%20barrels%20per%20day%20%28mb%2Fd%29']The decline of oil has already begun | Peak Oil News and Message Boards[/URL]. The switch to electrical power is inevitable. I also see things like tidal power plants become more important. The Earth does not have an infinite amount of materials to support huge populations for a very long time. It is actually not a very large planet. [URL='https://www.nasa.gov/topics/earth/features/earth20110816.html']NASA - NASA Research Confirms it’s a Small World, After All[/URL] [size=4] [b][URL='https://www.powermag.com/ocean-power-developers-made-crucial-progress-in-2020/']Ocean Power Developers Made Crucial Progress in 2020[/URL][/b] [/size] [size=5][b][size=4][URL='https://www.investopedia.com/terms/p/peak_oil.asp']Peak Oil[/URL][/size][/b][/size] [size=5] [b]What Is Peak Oil? [/b][/size] Peak oil refers to the hypothetical point at which global crude oil production will hit its maximum rate, after which production will start to decline. This concept is derived from geophysicist [URL='https://www.investopedia.com/terms/h/hubbert-peak-theory.asp']Marion King Hubbert's "peak theory,"[/URL] which states that oil production follows a bell-shaped curve. In the traditional vision of peak oil, the production decline accelerates as the challenge of extracting new reserves grows. This would put pressure on existing reserves that are drawing down overtime. If new reserves are not brought on line more rapidly than the [URL='https://www.investopedia.com/terms/p/proven-reserves.asp']existing reserves[/URL] drawdown, then peak oil has been reached. Peak oil has been declared several times, but each deceleration has proved premature because of new extraction technologies like [URL='https://www.investopedia.com/terms/h/hydraulic-fracturing.asp']hydraulic fracturing[/URL] and better surveying revealing previously undiscovered reserves. [size=5][b] Peak Oil Supply and Demand [/b][/size] Because oil is a non-replenishing resource, there is a limit to how much the world can extract and refine. However, the scenario of total depletion is just one version of peak oil. In theory, peak oil can be brought on by the production squeeze—the drawdown as adding new reserves gets more challenging—but it can also be caused by a production decline when oil alternatives become more cost-effective, pricing oil out of the market, and making [URL='https://www.investopedia.com/terms/e/exploration-production-company.asp']exploration and production[/URL] unprofitable. [size=5] [b]Peak Oil Predictions [/b][/size] There have been many predictions about whether and when the world’s oil production would peak. In 1962, Hubbert predicted that global oil production would peak near the year 2000 at a rate of 12.5 billion barrels per year. Twelve years later, he estimated that the world would hit peak oil if the current trends continued. Both his theories proved incorrect. Some analysts and industry officials that believe we would see peak oil before 2030, but making these forecasts isn’t always easy because of the difficulty in measuring the actual size of the world’s oil reserves, especially since unconventional oil may not be expected to meet a shortfall. [size=5][b] Possible Consequences of Peak Oil [/b][/size] Some of the most obvious consequences of hitting peak oil are directly related to the economy. A drop in oil supplies will lead to a sharp spike in prices. And because many industries rely on crude oil and related products, other facets of the economy will see drastic changes. Major [URL='https://www.investopedia.com/terms/s/sector.asp']sectors[/URL] like agriculture—which are heavily dependent on the oil industry for pesticides, fertilizers, and fuel—could see a steep decline. But the ripple effect could continue to transportation and even the food industry, which could see increases in prices. In a worst-case scenario, large areas of the world could experience famine because of higher food prices. People rely very heavily on crude oil and its many byproducts. That means that any decrease in oil production may result in a change in our culture and technology. Because of the reliance on fuel for transportation, a drop in oil supplies may make it [URL='https://www.investopedia.com/terms/s/sustainability.asp']unsustainable[/URL] for people to live in metropolitan areas unless they increase the use of alternative means of transport. The majority of the impact of peak oil would likely be felt in the lower to middle-income families. [/QUOTE]
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