5. Which best defines peak oil?
a spiritual theory based on the idea that oil consumption must cease to save the earth before humankind is doomed
an economic and scientific theory based on the idea that oil reserves are unlimited and increase with every year
a geopolitical theory based on the idea that oil production has shifted from the United States to the Middle East
a statistical and economic theory based on the idea that global oil production has reached a limit and is declining
Which do you think? Does a peak not mean climbing up then descending?
The answer is D
The correct answer is:
a statistical and economic theory based on the idea that global oil production has reached a limit and is declining
Now let me explain how you can arrive at this answer:
Peak oil is a concept that originated from the field of geology and was popularized by an American geophysicist named M. King Hubbert. It refers to the point in time when the maximum rate of oil extraction is reached, after which global oil production enters a terminal decline.
To understand peak oil, you need to consider its historical and statistical background. The theory suggests that as oil is a finite resource, there is only a limited amount of oil that can be extracted from the Earth's crust. Initially, as oil production increases, it eventually reaches a peak point where the maximum amount of oil extraction is achieved. After the peak, oil production starts to decline and becomes increasingly difficult and costly.
This theory is supported by various factors such as the decreasing discovery of large oil fields and the increasing difficulty of extracting oil from existing fields. As production declines, it is expected to have significant economic and geopolitical implications since oil is a vital global energy source.
Therefore, the best definition of peak oil is a statistical and economic theory based on the idea that global oil production has reached a limit and is declining.