What are the issues behind the peak oil argument? Write a short report that cont

Question

What are the issues behind the peak oil argument? Write a short report that contains a description of both sides of the argument. The use of hydraulic fracturing has increased the production of oil and gas from tight sands, but it also has become a debatable topic. What are the issues that are involved in the debate? Write a short report that contains a description of both sides of the argument. The continued development of horizontal drilling techniques has increased the production of oil and gas from certain reservoirs. Conduct a search on the web for applications of horizontal drilling. Identify three reservoirs in which this technique has increased the production of hydrocarbons and discuss the increase in both costs and production.

Explanation / Answer

1.3)

Peak oil refers to the time of maximum oil production. The best argument is that peak oil is an ideological notion, not a meaningful social/political/economic concept. Decreasing supply of oil leads to higher oil prices which makes alternative forms of oil extraction as well as alternative sources of energy more viable. However, if this were the only effect then peak oil would still have some relevance as a synonym for the end of affordable energy (in whatever form). Fortunately high prices stimulate a number of countervailing effects that serve to undermine further price increases.

The best arguments against peak oil:

Most peak oil proponents argue for some kind of impending crises which would only occur if the market forces outlined above were disrupted, causing a discontinuous decrease in supply and discontinuous increase in price.

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