Peak Oil is that point in time when the world runs out of new finds of oil and from that point on, oil becomes more scarce and more costly. The Department of Energy’s Energy Information Agency (EIA) forecast that in the year 2040 about 81% of our energy needs will be satisfied by fossil fuels. The following data is from the 2014 EIA Annual Energy Outlook for U.S. energy consumption in 2040:
|Quadrillion Btu||% of total|
|Fossil fuel subtotal||81.45|
The Pacific Research Institute produced this video that reports we are not about to arrive at Peak Oil any time soon. Which is a good thing as the EIA does not expect renewables to be a significant contributor to our energy needs by 2040.