Petroleum is a finite resource, a deposit laid down in the Cambrian Era or thereabouts. There is only so much of it in the ground. We can devise new extraction methods like fracking, but eventually, the last drop will be brought up, and either burnt to fuel an engine, or made into plastic or fertilizer or medicine.
Is it really possible to develop "alternative energy" sources on a scale that can effectively substitute for petroleum before that happens?
(This is entirely separate from the concern over whether we should pump and burn all that oil because, you know, greenhouse gases.)
It is important to note that severe economic disruption can result from petroleum shortages long before the supply is entirely exhausted. See peak oil.
Is it really possible to develop "alternative energy" sources on a scale that can effectively substitute for petroleum before that happens?
(This is entirely separate from the concern over whether we should pump and burn all that oil because, you know, greenhouse gases.)
It is important to note that severe economic disruption can result from petroleum shortages long before the supply is entirely exhausted. See peak oil.
The phrase "peak oil" refers to the prediction that levels of world oil production (i.e., extraction from the Earth) roughly reflect the shape of a bell curve and will drop off at around the point where 50% of the world oil supply has been used, even as demand for petroleum and its derivatives continues to increase. At the point where production drops while demand continues to increase, then significant economic disruption may occur while the world goes into headless-chicken mode whilst panicking for an alternative energy-source.[2] In the most extreme interpretations, all manner of societal disruptions may occur, including, but not limited to: famine, economic collapse, and ecological collapse. One is advised to hoard canned tuna and ammo just in case.
The idea of peak-oil production is based on the earlier "Hubbert's Peak theory,"Wikipedia developed in 1956 by M. King Hubbert, a Shell Oil geoscientist, who used this same concept in an attempt to predict a point at which United States oil production would drop. Hubbert predicted 1965 as the most likely time and 1970 as an optimistic scenario. In fact, U.S. oil production actually peaked in the early 1970s, either contradicting his prediction in some people's views, or making it just slightly pessimistic.
In most cases, the phrase "peak oil" refers to more than the fact that petroleum is a finite resource; no-one (except a few cranks like those who adhere to the Soviet concept of abiotic oil) disputes this any longer. "Peak oil" has rather become the belief that societal and economic disruptions will begin when depletion of world oil-supplies passes the 50% mark while demand keeps going up. Note that there is no real argument about the fact that oil production must peak at some point in time. However, there is debate about when it will happen, why it will happen, and what consequences may ensue.