Concept of Peak Oil and It's Near Future

PRLog (Press Release) - Oct. 17, 2012 - The concept of Peak oil was devised by American geophysicist M. King Hubbert in 1950. According to the theory the end of finite reserve of oil is the Peak oil Crisis. It is the term used to describe the global maximum in crude oil production which is predicted to occur in the near future. Peak oil is the point in time when the maximum rate of petroleum extraction is reached, subsequent to which the rate of petroleum production is expected to reach its decline.

The Hubbert peak theory basically points out that for any given geographical area, from an individual oil-producing region, the rate of petroleum production tends to follow a certain Logistic distribution, a ‘bell-shaped curve’. The theory describes that the amount of oil under the ground in any region is limited; as a result the rate of discovery which initially increases quickly must reach a maximum and decline.  In the US, oil extraction followed the discovery curve after a time lag of 32 to 35 years.

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