Gen Z is a generation born into a world full of anxieties—from school shootings to climate Armageddon, to a pandemic and political violence. But I’m here to give you one more thing to worry about!
A high-stakes debate about the timing of peak oil has been simmering for decades. Although few of today’s Gen Z members know much about it, their lives will be impacted profoundly by the waning of the petroleum era.
It’s helpful to revisit this subject not just because there’s a new potential audience and pool of debaters, but also because there is important news regarding U.S. and world oil production.
1. What is peak oil?
Peak oil refers to the maximum rate of global oil extraction prior to its inevitable decline due to either depletion of the resource or falling demand. The term also refers to the debate about when the peak will happen.
2. Why is peak oil important?
The modern industrial world was built with cheap fossil energy, primarily oil. Peak oil could mean the end of growth-based economics and consumerism. Humanity will have to adapt to using much less energy—as it did for thousands of years prior to the last century or two.
3. Wasn’t the “peak oil theory” disproven?
Forecasts that the world’s oil extraction would peak during the early years of this century were wrong. Oil extraction grew. However, conventional oil flow rates flatlined and almost all growth has come from unconventional oil, mostly U.S. tight oil from fracking. This temporary abundance led many energy analysts to focus instead on forecasting peak oil demand, due to the adoption of electric vehicles and renewable energy.
4. What’s new in the peak oil debate?
Government and industry sources say that tight oil extraction in the U.S. will peak soon. If it does, there are few options left to keep the global extraction rate from falling.
5. Is global peak oil nearly here?
World peak oil is probably upon us. There is some uncertainty due to oil prices: if prices go higher, drillers will deploy more rigs and the peak could be put off for a few years. But the easiest-to-get and most profitable oil is already gone.
6. Aren’t renewables riding to the rescue?
Yes, solar and wind electricity generators are being installed at record rates, but not nearly sufficiently to forestall the likely economic impacts of peak oil.
7. What’s the take-away message of peak oil?
Because the industrial way of life depends on a temporarily abundant energy source that will be hard (if not impossible) to replace, it is inherently unsustainable. Start now to look for ways to reduce energy dependency and become more self-sufficient.