1.1. Peak oil is the concept that since oil is non-renewable, there will be a point in the future at which the rate of extraction will hit a peak and thereafter will decline.[1]
2. Who discovered it?
2.1. M. King Hubbert was the creator of the Hubbert Peak Theory and first to define peak oil in 1956. He accurately predicted that United States oil production would peak between 1965 and 1971 and steadily decline after that.[2]
3. How do we deal with it?
3.1. It's been siggested that an alternative energy source needs to be pursued 10-20 years before peak oil in order to prevent any serious economical problems. [3]
3.2. This time may have passed already or be approaching much sooner than 10 years, however.
4. Can anything positive come of it?
4.1. Given that a nation must acknowledge the fact of oil's finite supply first, we might see progress in the direction of using cleaner and more environmentally beneficial resources.
5. What are the consequences of a declining oil supply?
5.1. It seems many people tend to forget the other uses of oil such as, adhesives, plastics, solvents, and many others.
5.2. With scarce resources for oil these everyday products could become very expensive for the people of the world.
5.3. You can also tie in rising prices for one of oil's biggest products, Gasoline. As the supply diminishes, the cost to fill your car will certainly go up.
