peak oil

For the USA only? What percentage of the total consumption is used by USA?

18.9 Million Barrels/day ~20.7%

In what year did domestic USA oil production peak?

1970

When did/will global oil production peak?

2010-2030

At what rate is oil production (1998) exceeding capacity of new oil field finds?

3 times

What percentage of oil is recovered from an oil well?

60% max

What is the current (2013) Daily Total Oil Production for ALL countries on Earth?

86.8 Million Barrels/day

What is the current (2013) Daily Total Oil Consumption for ALL countries on Earth?

91,300,000 Barrels/day

.Name potential negative consequences of Peak Oil when it is reached

As Peak Oil is approached, liquid fuel prices and price volatility will increase dramatically, and, without timely mitigation, the economic, social, and political costs will be unprecedented.

What is Conventional Oil? What percentage of Total Oil Production comes from Conventional Oil?

Conventional Oil is generally easy to obtain, transport, and process. Conventional Oil reserves are extracted using their inherent pressure, pumps, flooding or injection of water or gas. Approximately 95% of all Oil Production comes from Conventional Oil Reserves.

Who created and used the Peak Oil theory in 1956 to predict that domestic USA production would peak between 1965 and 1970?

M. King Hubbert

What does the acronym, OPEC, stand for?

Organization of Petroleum Exporting Countries

what is peak oil

Peak Oil is the point in time when the maximum rate of global Petroleum Production is reached, after which the rate of production enters its terminal decline.

What are the 3 leading oil Producing Countries?

Saudi Arabia's 11.5 million bpd Russia's 10.8 million bpd USA - 10 million bpd

What is Unconventional Oil?

Unconventional oil includes: a oil sands, oil shale, heavy crude oil, deep-water oil, polar oil and Gas to liquids. These are technically more difficult to extract and more expensive to recover.

What are the 2 Umbrella terms used to describe oil production?

conventional and unconventional oil

List approaches that could mitigate Peak Oil.

energy conservation, fuel substitution, and the use of unconventional oil.