Emerging Oil Shortage
“Peak oil” is the period when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. It relates to a long term decline in the available supply of petroleum. This, combined with increasing demand, will significantly increase the worldwide prices of petroleum derived products. Most significant will be the availability and price of liquid fuel for transportation.
The US Department of Energy in the Hirsch report indicates that “The problems associated with world oil production peaking will not be temporary, and past “energy crisis” experience will provide relatively little guidance.”
Read more about this topic: Energy Crisis
Famous quotes containing the words emerging, oil and/or shortage:
“Adolescents, for all their self-involvement, are emerging from the self-centeredness of childhood. Their perception of other people has more depth. They are better equipped at appreciating others’ reasons for action, or the basis of others’ emotions. But this maturity functions in a piecemeal fashion. They show more understanding of their friends, but not of their teachers.”
—Terri Apter (20th century)
“It is wise to apply the oil of refined politeness to the mechanism of friendship.”
—Colette [Sidonie Gabrielle Colette] (1873–1954)
“As long as green hills are there, never fear a shortage of firewood.”
—Chinese proverb.