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Peak oil
Peak oil is the point when global oil production reaches its maximum rate, after which it will begin to decline irreversibly.[need quotation to verify] The main concern is that global transportation relies heavily on gasoline and diesel. Adoption of electric vehicles, biofuels, or more efficient transport (like trains and waterways) could help reduce oil demand.
Peak oil relates closely to oil depletion; while petroleum reserves are finite, the key issue is the economic viability of extraction at current prices. Initially, it was believed that oil production would decline due to reserve depletion, but a new theory suggests that reduced oil demand could lower prices, affecting extraction costs. Demand may also decline due to persistent high prices.
Over the last century, many predictions of peak oil timing have been made, often later proven incorrect due to increased extraction rates. M. King Hubbert introduced comprehensive modeling of peak oil in a 1956 paper, predicting U.S. production would peak between 1965 and 1971, but his global peak oil predictions were premature because of improved drilling technology. Current forecasts for the year of peak oil range from 2028 to 2050. These estimates depend on future economic trends, technological advances, and efforts to mitigate climate change.
Oil, or petroleum, is a mixture of hydrocarbon substances. By its very nature, what "oil" is may vary. The geology of a region affects the type of oil underground. The types of hydrocarbons produced from an oilfield may also vary depending on the geology.
Crude oil generally comes in various 'grades,' commonly classified as "light," "medium," 'heavy," and "extra heavy." The exact definitions of these grades vary depending on the region from which the oil came. Grades of oil are also assessed by API gravity. Light oil flows naturally to the surface or can be extracted by simply pumping it from the ground. Heavy refers to oil that has higher density and lower API gravity. It does not flow as easily, and its consistency can be similar to that of molasses. While some of it can be produced using conventional techniques, recovery rates are better using unconventional methods.
Generally, especially with regard to peak oil, the primary concern regards what is called "crude oil" production (which may also be referred to as "crude and condensate" production in US EIA statistics), which is what is actually refined into the common fuels most people know such as gasoline and diesel fuel, in addition to other common fuels. Other oil production statistics may be named "total liquids production" or "petroleum and other liquids" in EIA statistics. This includes crude oil production in addition to other hydrocarbon liquids, such as natural-gas liquids (NGLs). These two production numbers are distinct and shouldn't be considered the same thing. Using "total liquids" production to refer to "crude oil" production is misleading. The extra liquids included in "total liquids" production do not refine into the same products. It can be misleading as it could be used to inflate the actual amount of crude oil being produced globally.
Where oil may come from is commonly divided into two categories, "conventional" oil sources and "unconventional" oil sources. The terms are not strictly defined and may vary within literature. As a result of the wide range of potential definitions, different oil production forecasts may vary based on which classes of liquids they choose to include or exclude. Some standard definitions for "conventional" and "unconventional" oil are detailed below.
Conventional oil is oil that is extracted using "traditional" techniques (i.e., in common use before 2000) techniques. Conventional oil commonly refers to onshore oilfields and shallow offshore oilfields that are "easy" to extract.
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Peak oil
Peak oil is the point when global oil production reaches its maximum rate, after which it will begin to decline irreversibly.[need quotation to verify] The main concern is that global transportation relies heavily on gasoline and diesel. Adoption of electric vehicles, biofuels, or more efficient transport (like trains and waterways) could help reduce oil demand.
Peak oil relates closely to oil depletion; while petroleum reserves are finite, the key issue is the economic viability of extraction at current prices. Initially, it was believed that oil production would decline due to reserve depletion, but a new theory suggests that reduced oil demand could lower prices, affecting extraction costs. Demand may also decline due to persistent high prices.
Over the last century, many predictions of peak oil timing have been made, often later proven incorrect due to increased extraction rates. M. King Hubbert introduced comprehensive modeling of peak oil in a 1956 paper, predicting U.S. production would peak between 1965 and 1971, but his global peak oil predictions were premature because of improved drilling technology. Current forecasts for the year of peak oil range from 2028 to 2050. These estimates depend on future economic trends, technological advances, and efforts to mitigate climate change.
Oil, or petroleum, is a mixture of hydrocarbon substances. By its very nature, what "oil" is may vary. The geology of a region affects the type of oil underground. The types of hydrocarbons produced from an oilfield may also vary depending on the geology.
Crude oil generally comes in various 'grades,' commonly classified as "light," "medium," 'heavy," and "extra heavy." The exact definitions of these grades vary depending on the region from which the oil came. Grades of oil are also assessed by API gravity. Light oil flows naturally to the surface or can be extracted by simply pumping it from the ground. Heavy refers to oil that has higher density and lower API gravity. It does not flow as easily, and its consistency can be similar to that of molasses. While some of it can be produced using conventional techniques, recovery rates are better using unconventional methods.
Generally, especially with regard to peak oil, the primary concern regards what is called "crude oil" production (which may also be referred to as "crude and condensate" production in US EIA statistics), which is what is actually refined into the common fuels most people know such as gasoline and diesel fuel, in addition to other common fuels. Other oil production statistics may be named "total liquids production" or "petroleum and other liquids" in EIA statistics. This includes crude oil production in addition to other hydrocarbon liquids, such as natural-gas liquids (NGLs). These two production numbers are distinct and shouldn't be considered the same thing. Using "total liquids" production to refer to "crude oil" production is misleading. The extra liquids included in "total liquids" production do not refine into the same products. It can be misleading as it could be used to inflate the actual amount of crude oil being produced globally.
Where oil may come from is commonly divided into two categories, "conventional" oil sources and "unconventional" oil sources. The terms are not strictly defined and may vary within literature. As a result of the wide range of potential definitions, different oil production forecasts may vary based on which classes of liquids they choose to include or exclude. Some standard definitions for "conventional" and "unconventional" oil are detailed below.
Conventional oil is oil that is extracted using "traditional" techniques (i.e., in common use before 2000) techniques. Conventional oil commonly refers to onshore oilfields and shallow offshore oilfields that are "easy" to extract.