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:
“Your children are not here to fill the void left by marital dissatisfaction and disengagement. They are not to be utilized as a substitute for adult-adult intimacy. They are not in this world in order to satisfy a wife’s or a husband’s need for love, closeness or a sense of worth. A child’s task is to fully develop his/her emerging self. When we place our children in the position of satisfying our needs, we rob them of their childhood.”
—Aaron Hess (20th century)
“As a rule they will refuse even to sample a foreign dish, they regard such things as garlic and olive oil with disgust, life is unliveable to them unless they have tea and puddings.”
—George Orwell (1903–1950)
“As long as green hills are there, never fear a shortage of firewood.”
—Chinese proverb.