Discussions

What is it: Peak oil is the point in time where maximum oil production has been reached and will continue to decline as global supply declines.  
 
Will it Happen?: Oil is a non renewable resource, by definition Peak Oil will occur.  
 
Has it Happened?: Very likely yes, however we can only be sure looking back in time. Even the most optimistic reports time it for 2020, of course thats from Chevron (F.O.S) and no oil company is interested in revealing their cards regarding such a vital resource. Even governments around the world are sketchy when estimating their oil reserves, however many cannot avoid the truth.  
 
Saudi Arabia's King Abdullah: "The oil boom is over and will not return.... All of us must get used to a different lifestyle."  
 
The Oil Sands: The only reason these are becoming profitable now is that they contain approximately 20% of the worlds remaining oil. They are extremely expensive, but the ERoEI (Energy Returned on Energy Invested) is favorable. This does not take into account the environmental damage which will occur and will stay with us once that tap runs dry.  
 
 
Why should we care?  
Oil does everything for us. Should the tap slow, we can begin to see serious problems in crop irrigation in the southern US and fertilizer prices and all manner of maintenance and equipment across the industrial board. Coupled with increase transport costs, we can see Food Prices sky rocket. That's if the tap slows, the tap will almost certainly stop, that's a fact. Famine and starvation could very likely become a part of regular life in North America as it has been for most of human history.  
 
Increased global instability (WAR) will almost certainly occur, (Ex: IRAQ) as nations start to compete for a limited resource which is quickly running out.  
 
Are we doing anything about it?  
Not really, there's a few very energetic persons and organizations out there, but as a whole we're sleep walking and dreaming about those shiny new cars and gadgets down the way.  
Hydrogen Economy? Not a chance. Imagine every 6th accident with a transport truck involving a hydrogen fuel tanker. Hydrogen needs a fair bit of space, so we would see a lot more of those tankers and accidents. Hindenburg type accidents would occur with fair regularity, along with all the individual vehicle accidents. Fuel cells might take the pressure of hydrogen, but any damage to the lines and the whole thing self ignites. On top of that there is little chance of building an Economy based on hydrogen, all the infrastructure and hydrogen production would be built and made based on an oil economy that will begin to falter fail.  
 
Wind Turbines, Solar Panels: Yes, these can produce electricity, but again you need a lot of them, soon, built on a failing oil economy.  
 
Nuclear Power: For most nations, this is going to be how their citizens keep the heaters and lights on during the Winter. Huge bang for buck. Won't help much for fertilizer, irrigation, and much heavy industry, but at least people can keep warm while going hungry. Of course nobody much likes Nuclear power, I'm certainly no fan, but beggers can't be choosers, and unless we wake up soon, that's the situation we're going to be in. Nations such as China, Iran, and France are all keenly aware of this and are taking steps to keep their lights on.