Peak oil
Peak oil refers to the point in time when the extraction of oil reaches its maximum rate, after which production will gradually decline. This concept is based on the understanding that while oil is a finite resource, demand for energy continues to grow. Once peak oil is reached, it becomes increasingly difficult and costly to extract remaining oil reserves, potentially leading to higher prices and economic challenges. The decline in oil production may also drive shifts toward alternative energy sources as societies seek to ensure energy security and reduce reliance on fossil fuels.
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Peak oil refers to the hypothetical point in time when global oil production reaches its maximum rate, after which production begins to decline. As easy-to-extract oil reserves are depleted, it becomes more challenging and expensive to extract remaining oil. This leads to potential energy shortages, economic impacts, and heightened competition for resources. Understanding peak oil is crucial for planning energy strategies and transitioning to alternative energy sources to ensure future energy security and sustainability.