Understanding Peak Oil
Peak oil is when a extraction of conventional crude oil from global oil fields reaches its maximum rate, signalling when low cost oil supplies will begin to decline. The majority of projections for the peak of global oil production range between 2008 and 2030.
In some parts of the world, oil has already peaked, yet world demand continues to grow especially in China and India. Oil production in Australia peaked in 2000 and Australia is now a net importer of oil from world oil markets. Oil is a vital fossil fuel in the current economy and is used for a wide variety of purposes. From its most common use as fuel for motor vehicles and the aviation industry, to heating homes, growing’ food, producing asphalt for road surfaces, providing chemical bases for medicines and pharmaceutical products, and producing plastic products. A decline in global oil production threatens to increase fuel prices. It could also potentially increase the reliance on coal and other fossil fuels, as oil substitutes, which would increase carbon dioxide emissions and, in turn, accelerate climate change (Sunshine Coast, Climate Change and Peak Oil Strategy 2010-2020)
Changing our transport options is a significant step in decreasing regional vulnerability to Climate Change and Peak Oil.