Peak Oil Estimation Homework Help

Peak Oil Estimation

Peak oil was reached in the year 2005 as is explicitly justified in this paper using quantitative and qualitative data. 95% of the world oil that is currently produced is conventional oil whose discovery in the oil industry peaked between 1960 and 1970 (1). According to statistics that were released in 2007, peak oil was reached in the year 2005 which was the main reason behind the recession that still haunts the world economy today. It was the 73,720,000 barrels in a day (2) which gave a mark to the all time highest level of oil consumption ever attained in the oil industry. According to the World Energy Outlook 2010, the current situation in the industry, where crude oil consumption has remained at a constant rate of 68 million barrels per day (2), may run for a lengthy time which may be used to prove that the peak oil was reached in 2005.

On November, 9 2010, the International Energy Agency launched the World Energy Outlook that had been for along time been anticipated for by investors all over the world. The executive Director of IEA indicated at the press conference during the launch that the wake of recession is leading to a different pace of economic development globally which is of course bound to impact on the consumption of oil. Due to this force, the already established measures against carbon technologies and fossil fuels are therefore not to affect the current rate of oil consumption at all. Although the report said that the plateau period in the current oil consumption is set to continue, by 2020, 69 million barrels will be the highest point of consumption that is projected (2).

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