ACT Peak Oil

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What is peak oil?
Peak Oil is the point where the world has reached peak extraction of oil - half of the world's oil supplies will have been extracted and production will forever decline afterwards. The theory and observations began with primarily with the work of M. King Hubbert who in 1956 predicted that conventional oil extraction in the lower 48 states of the US would peak around 1970 – production peaked in 1971.

Extraction from oil fields follows a bell curve. A collection or region of individual oil fields will also follow a bell curve and with enough data a curve for oil extraction for the entire world can be developed. Increasingly evidence is providing a picture that oil extraction has either peaked or will peak by 2010.