Scientific American’s David Biello, a sharp observer of clean (and less-clean) energy, posted this piece on peak oil yesterday. The long and short of it is peak oil (the moment when we’ve collectively burned as much oil — about a trillion barrels — as is left in the ground) actually happened in 2005.
Peak oil is important because, the thinking goes, the specter of future scarcity will drive up prices and generally gum up the oil-dependent world’s economic works.
The wrinkle is that the 2005 peak-oil depends on it being defined as (relatively) easy-to-extract oil, or maybe oil reserves as geologists would have recognized them in the 1970s. With unconventional reserves like Canadian tar sands, production has been able to keep pace with rising demand from places like China and India. The pace of consumption also will play a role in how peak oil plays out: the more utterly dependent, the worse the withdrawal, meaning an electrified, or semi-electrified, fleet will help matters. The article’s well worth a look.