Peak Oil Not A Near-Term Threat


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
Petroleum 35.35 33.25
Natural Gas 32.32 30.40
Coal 18.75 17.70
       Fossil fuel subtotal 81.45
Renewables 10.27 9.94
Nuclear 8.49 8.00

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.

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cbdakota

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2 responses to “Peak Oil Not A Near-Term Threat

  1. ianbrettcooper

    “Peak Oil is that point in time when the world runs out of new finds of oil…”

    Peak oil has nothing to do with running out of anything. You need to figure out what it is if you want to talk about it.

    • As you did not give me your definition of Peak Oil, I am unable to certify that you are correct and that I don’t know anything. But perhaps you would like also to quarrel with these three definitions (of the hundreds of similar quotes I could have added.):

      Wiki
      “Peak oil, an event based on M. King Hubbert’s theory, is the point in time when the maximum rate of extraction of petroleum is reached, after which the rate of production is expected to enter terminal decline.”

      WSJ 09/29/2014
      “Have we beaten “peak oil”?
      “For decades, it has been a doomsday scenario looming large in the popular imagination: The world’s oil production tops out and then starts an inexorable decline—sending costs soaring and forcing nations to lay down strict rationing programs and battle for shrinking reserves.”

      Global energy crunch: How different parts of the world would react to a peak oil scenario: Publication date: 2010-04-27 First published in: Energy Policy Authors: J. Friedrichs
      Abstract:
      “Peak oil theory predicts that oil production will soon start a terminal decline”
      cbdkaota

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