In the time since the world’s first oil well was drilled in 1859:
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• World population has tripled
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• World oil production has gradually grown to 85 million barrels every day
But serious problems are developing:
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• Annual world oil discoveries have already peaked - in 1963
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• Oil is being used several times faster than new oil is being discovered
When the global rate of oil production peaks and begins to fall there will still be over a trillion barrels of recoverable oil remaining, and oil will continue to be produced for many more decades, but at decreasing rates every year.
What will happen when the world is forced to deal with decreasing supplies of its primary transportation fuel for the first time in its history?
