When will the world reach the point of maximum oil production?

Question

I did a little research on this question but seems that there is no real answer. One site predicted somewhere between 2010 and 2025. The reason why this is important is that when it happens you will start to see the price of oil start to rising quickly.

Answer 1

Well they were saying that we would reach it in the 40's but then we found more. Then they said that we would reach it in the 70's but then we found more. Then They said we would reach it in the 90's but then we found more. The fact of the matter is that we have more oil now( because we have found more and have better ways to get it out of the ground) then we did at any other time in the history of oil drilling.

Answer 2

If you did a little research, then it was VERY LITTLE... the maximum point of production was reached in 2006 according to the Saudi Oil Ministry.

Answer 3

The amount of oil discovered in the US has dropped since the late 1930s.

40 years later, US oil production had peaked, and has fallen ever since.

World discovery of oil peaked in the 1960s, and has declined since then. If the 40 year cycle seen in the US holds true for world oil production, that puts global peak oil production, right about now; after which oil becomes less available, and more expensive.

Answer 4

Peak oil has already been reached according to articles I've read on my Yahoo stock account.   The price of heating oil where I live has doubled in a year and that was double from the year before.    The smart people who are able are stocking up on all the oil they can get now for next winter.   Government predictions are years away because they don't want you to panic now while they are still in office.   Can you imagine what would happen to polliticians if the masses knew that they knew we were running out of oil for decades and did nothing about it?    I for one suggest you get a bike and stock up on the real essentials; not coffee and beer but food and toilet paper.   If I'm wrong then you'll just have a years supply of toilet paper.   If I'm right you won't be wiping your **** with old newspapers.

Answer 5

Oil prices have already risen due to hysteria about Peak Oil. However, the US is now getting a large portion of our from Canada's Athabasca tar sands. It requires more processing and it's more difficult to extract the oil, but they estimate there are 1.3 TRILLION barrels of oil there, which is equal to the total amount of petroleum humans have extracted in all of human history. It used to be too expensive to extract and refine but at $50 a barrel it was profitable so it's quite profitable now.

There are also reserves in ANWR in Alaska and off the coast of Lousiana, and the huge reserve that's too deep to currently extract beneath the Arctic Ocean. The one that Russia tried to claim by dropping a flag on it from the surface.

We're not running out anytime soon, despite worries about peak oil. I don't argue that we should continue to use oil the way we currently use it, but until alternatives come along there are ample supplies. The environmental impact of getting the oil from ANWR and Athabasca is a source of concern for many people.