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    Peak Oil Theory

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    1) Research on the Web for articles supporting and refuting the idea of Peak Oil.

    2) In a short paper, summarize some of the main points from both sides of this debate.

    3) Given your research, take and defend a position in the debate. Provide persuasive arguments supporting your position.

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    Solution Preview

    Peak oil theory was given by M.King hubbert. It is the point or timeframe at which the maximum global petroleum production rate is reached. After this timeframe, the rate of production will by definition enter terminal decline. According to the Hubbert model, production will follow a roughly symmetrical bell-shaped curve.

    Please see the attached file.

    Hubbert assumed that after fossil fuel reserves (oil reserves, coal reserves, and natural gas reserves) are discovered, production at first increases approximately exponentially, as more extraction commences and more efficient facilities are installed. At some point, a peak output is reached, and production begins declining until it approximates an exponential decline. The Hubbert peak theory is based on the observation that the amount of oil under the ground is finite. Hubbert's theory was initially greeted with skepticism by many in the oil industry, but has since gained widespread acceptance.

    Hubbert, in his 1956 paper, made two predictions for the US conventional oil ...

    Solution Summary

    The solution provides a short research story refuting the idea of Peaking Oil Theory.