  thumb|historical us crude oil production showing initial similarity to a hubbert curve peak oil, an event based on m. king hubbert's theory, is the point in time when the maximum rate of extraction of petroleum is reached, after which the rate of production is expected to enter terminal decline. peak oil theory is based on the observed rise, peak, (sometimes rapid) fall, and depletion of aggregate production rate in oil fields over time. mostly due to the development of new production techniques and the exploitation of unconventional supplies, hubbert's original predictions for world production proved premature. peak oil is often confused with oil depletion; peak oil is the point of maximum production, while depletion refers to a period of falling reserves and supply. some observers, such as petroleum industry experts kenneth s. deffeyes and matthew simmons, predict negative global economy implications following a post-peak production decline and oil price increase because of the high dependence of most modern industrial transport, agricultural, and industrial systems on the low cost and high availability of oil. predictions vary greatly as to what exactly these negative effects would be. optimistic estimations of peak production forecast the global decline will begin after 2020, and assume major investments in alternatives will occur before a crisis, without requiring major changes in the lifestyle of heavily oil-consuming nations. these models show the price of oil at first escalating and then retreating as other types of fuel and energy sources are used. pessimistic predictions of fu
Environmental_economics Futurology Peak_oil Petroleum_politics