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Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production declines. This concept is derived from the Hubbert curve. It has happened in Texas and the U. S. and is happening now to global production.
Peak oil is the point of maximum production while depletion refers to a period of falling reserves and supply.
Although there will always be those who keep their heads in the sand, most scientists and industry people believe peak oil has occurred now or will occur shortly.
This does not mean the earth is running out of oil. About half the oil the earth ever had is still in the ground waiting extraction. Some countries still have oil, although it will be increasingly expensive to produce it.
At the same time as peak oil is drawing nigh, the worldwide demand for oil is growing faster than at any other time in. history. Following supply and demand, the price of oil will increase as the supply of oil decreases.
The United States reached peak oil production in the early 70s, while our demand continued, and still continues, to escalate.. Somewhere in the mid-90s, U.S. consumption of imported oil surpassed domestic oil. We have been and will be paying increasingly higher prices to obtain foreign oil
But if foreign countries do not willingly sell us their oil, what will we have to do to acquire it.?
You guessed it and war is expensive.
But what does the price of oil have to do with the economics of electricity?
As the old saying goes, "I’m glad you asked."
While it is true that we produce a large amount of electricity by burning coal, it is also true that it takes large amounts of oil to mine coal. Oil is also used in natural gas exploration and distribution. All but the most ostrich-like of us realize our society is quite dependent on a constant supply of cheap oil and that supply ls now subject to interruptions and price increases.
This will increase the price of electricity, and North Texas already has one of the highest electricity rates in the nation.
Do you need an energy consultant, energy auditor,