crude awakening.
Today oil is the single most important item traded between countries. Also, ninety percent of transportation runs on oil. Almost 150 years after the first oil well was drilled the global economy. But soon the world’s petroleum supply will run out. With it will the age of oil expire like the ages of stone, bronze, and iron? No one knows exactly how much oil is left in the ground, but it is estimated that there are 2.6 trillion barrels. In 1956 Mr. King Hubbert introduced the concept of oil production peak. He realized that the flow of petroleum from oil fields climbs to a peak and then drops just as quickly. Once half the oil has been pumped out the other half becomes harder and is harder to extract. He predicted that all of the U.S. oil fields would peak in 1970, which they did. Using his theory scientists have predicted the world’s oil fields will peak in 2030.
