Hubbert peak theory

Explain the future of oil, the "Big Rollover," and the Hubbert peak theory. 

Hubbert peak theory—describes how future world petroleum production will peak and then begin the process of global decline. This decline will closely match the former rate of increase, as known oil reservoirs move to exhaustion. 

The Hubbert peak theory (when global petroleum production will peak and decline). The peak occurred in 2006 or 2007. It may be possible to increase production, but the existing global oil powers do not Intend to mount an effort to increase production. Some experts believe we could Increase our daily production rate from 85 to 90 million barrels. 

The Hubbert peak theory describes how future world petroleum production will peak and then start the process of global decline. This decline will closely match the rate of former increase, as known oil reservoirs move to exhaustion. This theory also describes a method to calculate the peak using discovery and production rates, in combination with known oil reserves. The Big Rollover is another theory that predicts how global oil production will soon peak, and worldwide production will begin to decline. 

While the demand keeps increasing across the years, consumption of oil is faster than its discovery, thus petroleum production is decreasing and will be depleted sooner as shown. These predictions are described by Hubbert peak theory, which says that when the peak production is passed, production rates enter an exponential decline (Hubbert, 1956 Management et al., 2005). The depletion or decline process is a natural phenomenon that accompanies the development of aU nonrenewable resources. The depletion of the world s crade oil reserve, increasing cmde oil prices, and issues related to conservation have brought about renewed interest in the use of biobased materials. 

Briefly, the Hubbert theory of peak oil assumes that petroleum reserves will not be replenished (i.e., that abiogenic replenishment is negligible) and predicts that future world petroleum production must inevitably reach a peak and then decline as these reserves are exhausted (Speight, 2011a,b and references cited therein). Controversy surronnds the theory since predictions for the time of the global peak is dependent on the past production and discovery data used in the calculation. 

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