What is peak oil?
The concept of peak oil is quiet confusing for some people because they believe peak oil as the point with maximum oil. Peak oil is the point at which the rate of extraction of the crude oil is maximum. It is not the point at which the amount of oil is maximum. After the peak oil point, rate of extraction decline. This theoretical point is derived from Hubbert’s peak theory which states that oil production follows a bell shaped curve.
Peak Oil Implication to future energy need
Demand of energy is increasing day by day. The country with high GDP has high energy consumption. Many developing country energy consumption increases when they start grow economically. In other words, energy consumption and development has direct relation. Therefore future energy demand is inclining. At peak oil point extraction rate is higher and decline after that but energy demand and consumption is increasing. So this implies oil production after the peak oil may not be sufficient in comparison to future energy needs.
Impact of peak oil on our society
There will be huge impact of peak oil in our society. Many sectors will be impacted by peak oil. They are transportation, food ,agriculture, business, economy,jobs,public and social services. Among these transportation will have the greatest and most immediate impact. Due to this people may have to decrease the use of private vehicle that used oil and may have to increase the use of public transportation. In food and agriculture sector food prices may incline which decreases food security. Economy and jobs also will face direct impact. All business will hurt to some extent which decreases the job opportunities. This will also increases unemployment. In public and social services, revenue will decline which will have direct impact on people and society.
