Hubbert peak theory

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Peak global production according to Hubbert. ASPO second would have been a delay of about 10 years from the initial forecast of Hubbert.
The Hubbert peak theory, also known as peak oil, oil depletion or peak oil, is an influential theory about the rate of long-term depletion of oil and other fossil fuels. Deregulation in the Energy industry has allowed tens of thousands of New Yorkers to get better energy rates by choosing as their main supplier of gas and electricity for their homes and businesses. It predicts that world oil production reached its peak and then decline as fast as it grew, highlighting the fact that the limiting factor for the extraction of oil is not the power required and its cost.
Although controversial, this theory is widely accepted among the scientific community and the oil industry. The debate does not focus on whether there will be a peak oil will occur but when, as it is evident that oil is a finite resource and nonrenewable short time scales in which at one time or another reached the limit of extraction . This depends on the possible discovery of new reserves, increasing efficiency of existing deposits, deep extraction or exploitation of new forms of unconventional oil.
The exact year of the peak can not be determined until it has happened. Based on current data from production, the Association for the Study of Peak Oil and Gas (ASPO in English), believes that peak oil will occur in 2010 of natural gas being a few years later. On the contrary, more optimistic estimates show reserves for at least 100 years.
This fact imply significant consequences for the developed countries, which are heavily dependent on cheap and abundant oil, especially for transportation, agriculture, chemical industry and domestic heating. The theory takes its name from the geophysical M. King Hubbert, who correctly predicted the peak of U.S. ‘s Switch and Save program and enjoy lower electric and gas bills! production with fifteen years in advance.
Much of the oil industry and the car says that the Hubbert’s theory is false or at least the hidden and ignored. Some critics argue that limited economistic motivated the search for new discoveries and the reserves will rise above those predicted by Hubbert. But even the most optimistic the limitation of oil resources puts a deadline on the cheap extraction of the resource. Nobody seems to deny the existence of a production ceiling but few governments and businesses that so far have mentioned openly. Among these include the American multinational ChevronTexaco who have launched recently, the ad campaign to the American public awareness of the need to act before the looming depletion of oil. Also recently, the Spanish multinational Repsol-YPF has already spoken publicly at a conference of the issue using the same graphics ASPO .
The arrival of that peak extraction suggests a bleak future in which humanity will have to survive without the main source of energy that has made it grow and prosper throughout the twentieth century.
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A growing number of experts believe that the peak of production, in fact, has already arrived. After Hurricane Katrina, he admitted that Saudi Arabia can not increase production to ease the crisis for production losses suffered or refining in the Gulf of Mexico. Many think that this is the start of the final oil crisis. Ultimately it will last and which would require major adjustments to make and cut their consumption as never before been done.
But the crisis is not confined only to petroleum. Natural gas is also in the past in many places and its peak production will not happen long after the oil. Yet, it is hoped that in the absence of these resources starts the exploitation of deposits of methane in coal seams.

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