“The term Peak Oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite natural resource, subject to depletion.”

–Colin Campbell

Take a moment to look around and consider how dependent what’s around you is upon crude oil production..

The discovery of abundant oil in the 19th century meant the industrial revolution progressed incredibly quickly. A forty litre tank of petrol that we’d fill our cars with equals 8000 human labour hours, that’s about 4 years of a person’s labour at 40 hours a week. Oil therefore began to replace human labour as oil was dirt cheap in comparison.

The peak of oil discovery was passed in the 1960s, and the world started using more than was found in new fields in 1981. The gap between discovery and production has widened since. Many countries, including some important producers, have already passed their peak, suggesting that the global peak of production is now imminent.

What this means for society is a sharp reduction in availability of cheap energy.