Changes

'''Peak Oil''' is a hypothetical event that asserts that there is a point at which global [[oil]] production will reach a peak or maximum, from which it then begins an irreversible decline.<ref>"It’s the theory that geological scarcity will at some point make it impossible for global petroleum production to avoid falling, heralding the end of the oil age and, potentially, economic catastrophe." [http://www.nytimes.com/2009/08/25/opinion/25lynch.html?_r=2]</ref>

'''Peak Oil''' is a hypothetical event that asserts that there is a point at which global [[oil]] production will reach a peak or maximum, from which it then begins an irreversible decline.<ref>"It’s the theory that geological scarcity will at some point make it impossible for global petroleum production to avoid falling, heralding the end of the oil age and, potentially, economic catastrophe." [http://www.nytimes.com/2009/08/25/opinion/25lynch.html?_r=2]</ref>

The theory has been floated by some geologists and promoted by [[fossil fuels]] opponents, but suffers from a lack of supporting evidence.  

The theory has been floated by some geologists and promoted by [[fossil fuels]] opponents, but suffers from a lack of supporting evidence.  

==Additional oil resources==

==Additional oil resources==

Thomas Gold asserts that the sources of oil may not be “fossil fuels” in limited supply, but instead [[Abiotic oil|abiotic]] in nature (meaning not produced by a life process).  According to Professor Gold, oil is produced by an abiogenic process, deep within the earth. The scientific community has not been eager to affirm this thesis. In fact, they tend to resist it. In 1992 Gold published a paper titled “The Deep Hot Biosphere”, later expanded into a 1999 book of the same name. In this paper he suggested that oil is non-biologically produced, deep within the earth. In other words, oil is not a fossil fuel.  The Department of Energy refused to fund his research although both outcomes would have been good - If the research uncovered sources of oil that did not take millions of years to produce, it would be a bonanza for oil companies.  If abiogenic petroleum sources are found to be abundant, it would mean Earth contains vast reserves of untapped petroleum.  On the other hand, if his research failed, this research proposal will contribute strongly to fundamental science in petroleum engineering.  So far, the DOE has refused to fund any of his research because it is counter to the mainstream effort.<ref>J. R. Nyquist [http://www.financialsense.com/stormwatch/geo/pastanalysis/2006/0508.html Debunking Peak Oil] May 8, 2006 [[Geopolitical]].</ref>

Thomas Gold asserts that the sources of oil may not be “fossil fuels” in limited supply, but instead [[Abiotic oil|abiotic]] in nature (meaning not produced by a life process).  According to Professor Gold, oil is produced by an abiogenic process, deep within the earth. The scientific community has not been eager to affirm this thesis. In fact, they tend to resist it. In 1992 Gold published a paper titled “The Deep Hot Biosphere”, later expanded into a 1999 book of the same name. In this paper he suggested that oil is non-biologically produced, deep within the earth. In other words, oil is not a fossil fuel.  The Department of Energy refused to fund his research although both outcomes would have been good - If the research uncovered sources of oil that did not take millions of years to produce, it would be a bonanza for oil companies.  If abiogenic petroleum sources are found to be abundant, it would mean Earth contains vast reserves of untapped petroleum.  On the other hand, if his research failed, this research proposal will contribute strongly to fundamental science in petroleum engineering.  So far, the DOE has refused to fund any of his research because it is counter to the mainstream effort.<ref>J. R. Nyquist [http://www.financialsense.com/stormwatch/geo/pastanalysis/2006/0508.html Debunking Peak Oil] May 8, 2006 [[Geopolitical]].</ref>

==External links==

==External links==

==Notes==

==Notes==

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[[Category:Geology]]

[[Category:Geology]]

[[Category:Economics]]

[[Category:Economics]]