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'''Peak Oil''' is the point when global oil production will have been reached. According to some scientists, global oil production will begin an irreversible decline and less oil will be available with every passing year. Energy experts no longer debate about whether Hubbert's peak will occur, but when.<ref name=Fox20060428>Ker Than [http://www.foxnews.com/story/0,2933,193624,00.html Experts: Global Oil Production May Peak Soon] April 28, 2006 [[Fox News]]</ref>
Global oil production will peak sometime between next year and 2018 and then decline, according to a controversial new model developed Swedish University of Uppsalla physicist Fredrik Robelius.<ref name=Fox20060418>Melinda Wenner [http://www.foxnews.com/story/0,2933,266764,00.html Study: 'Peak Oil' Will Be Reached by 2018] April 18, 2007 [[Fox News]]<ref>
==Additional oil resources==
Michael Lynch, president of Strategic Energy & Economic Research, an energy consultancy firm, says "Not much can be said about additional oil resources because we haven't really started looking for them yet." <ref name=Fox20060418/> There is likely to be a lot of oil in as-yet undiscovered smaller fields.
==New Technologies==
New technologies could help solve extraction problems according to Sam Kazman of the Competitive Enterprise Institute, a non-profit public policy think tank in Washington, D.C.<ref name=Fox20060418/> New technologies have already turned fields that once seemed to be dormant into steady supplies of oil.
==Rejection of theory==
Exxon's Australia chief, Mark Nolan, told an industry conference in Adelaide, Australia, that "the end of oil is nowhere in sight." Mr. Nolan cited a U.S. Geological Survey estimate of more than three trillion barrels of conventional recoverable oil resources, of which one trillion barrels has been produced. Conservative estimates of heavy-oil and shale-oil resources push the total to four trillion barrels, while a 10% increase in recoverability will deliver an extra 800 billion barrels according to Nolan.<ref name=MailTrib20060914>Bhushan Bahree and Jeffrey Ball [http://archive.mailtribune.com/archive/2006/0914/biz/stories/wsj-peakoil.htm Some insiders reject 'peak-oil theory'] September 14, 2006 [[Mail Tribune]]</ref>
==Notes==
<small>{{reflist}}</small>
Global oil production will peak sometime between next year and 2018 and then decline, according to a controversial new model developed Swedish University of Uppsalla physicist Fredrik Robelius.<ref name=Fox20060418>Melinda Wenner [http://www.foxnews.com/story/0,2933,266764,00.html Study: 'Peak Oil' Will Be Reached by 2018] April 18, 2007 [[Fox News]]<ref>
==Additional oil resources==
Michael Lynch, president of Strategic Energy & Economic Research, an energy consultancy firm, says "Not much can be said about additional oil resources because we haven't really started looking for them yet." <ref name=Fox20060418/> There is likely to be a lot of oil in as-yet undiscovered smaller fields.
==New Technologies==
New technologies could help solve extraction problems according to Sam Kazman of the Competitive Enterprise Institute, a non-profit public policy think tank in Washington, D.C.<ref name=Fox20060418/> New technologies have already turned fields that once seemed to be dormant into steady supplies of oil.
==Rejection of theory==
Exxon's Australia chief, Mark Nolan, told an industry conference in Adelaide, Australia, that "the end of oil is nowhere in sight." Mr. Nolan cited a U.S. Geological Survey estimate of more than three trillion barrels of conventional recoverable oil resources, of which one trillion barrels has been produced. Conservative estimates of heavy-oil and shale-oil resources push the total to four trillion barrels, while a 10% increase in recoverability will deliver an extra 800 billion barrels according to Nolan.<ref name=MailTrib20060914>Bhushan Bahree and Jeffrey Ball [http://archive.mailtribune.com/archive/2006/0914/biz/stories/wsj-peakoil.htm Some insiders reject 'peak-oil theory'] September 14, 2006 [[Mail Tribune]]</ref>
==Notes==
<small>{{reflist}}</small>