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We are in another energy crisis. With both China and India developing rapidly, we can expect that demand for fossil fuel will continue to rise for the foreseeable future.
Unfortunately, the planet’s ability to meet that demand is limited. Despite our continued exploration, large fields of economically accessible oil have not been found for some time. Natural gas also suffers from a dearth of significant discoveries.
As seen in the following graph, drilling for natural gas in North America has continued to increase, while production has remained constant. At the very best, our supply is constrained, and unable to expand to meet the growing demand. At worst, we are depleting our resource.
In the mid 1950’s Hubbert predicted that oil production in the United States would peak some time between 1965 and 1970. Oil production peaked in 1971. Based on Hubbert’s theories, researchers are presently predicting peak oil production in the world sometime between 2005 and 2030. Here are some links to learn more about peak oil.
It is imperative that we move ourselves away from fossil fuel dependence and towards a renewable future.
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