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This concept is derived from the Hubbert curve, and has been shown to be applicable to the sum of a nation’s domestic production rate, and is similarly applied to the global rate of petroleum production. Peak oil is often confused with oil depletion; peak oil is the point of maximum production while depletion refers to a period of falling reserves and supply
It is estimated that the world may have enough oil to year 2030 at current consumption, and enough natural gas to year 2060 if all known reserves were recoverable. Life will not continue as is until every last drop is gone. There continues to be small amounts of oil suspected as reserves around the world, but not in the quantities that will alter the clear shortages and competition for it...
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