Peak Oil Concept, Definition

Peak Oil Concept, pioneered by US geologist M. King Hubbert in the 1950's refers to the idea that the world has a finite reserve of oil and that it is running out, and underscores the urgency of the situation. Some believe that global oil production will reach its peak during this decade and then fall forever into a state of decline.

The concept has become a popular discussion point as a result of the bull market in oil following the attacks of September 11th 2001. It gained further credibility when in July of 2005 Saudi Arabia announced that its production would not be able to keep up with global demand if demand continued to grow at the rates existing at the time.

Related Links: Peak Oil: Life After the Oil Crash

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