This is Part 3 of a series of articles by Rick Cowlishaw, LCGG Steering Committee Member, on Peak Oil.
Part 3 of 8. (Just click on the link to read the article. Right-click or Control-click to save it.)
In Part 3 we will discuss how peak oil affects us and how will huge the problem is. We are connected in a pyramid of ways to oil. Each of these will be strongly impacted.
In 2010 the world consumes about 87 million barrels of oil per day, or nearly 30 billion barrels of oil per year. It is doubtful if the world will be able to produce much more oil. After several years of maximum production, we should experience a 3 percent yearly decline[i]. There may be a 100 percent increase in the price of oil for every 3 percent drop in production.