Peak Oil Primer - Peak Oil Article

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"Oil companies have, naturally enough, extracted the easier to-reach, cheap oil first. The first oil pumped was on land, near the surface, under pressure, light and 'sweet' (meaning low sulfur content) and therefore easy to refine. The remaining oil is more likely to be offshore, far from markets, in smaller fields and of lesser quality. It therefore takes ever more money and energy to extract, refine and transport. Under these conditions, the rate of production inevitably drops. Furthermore, all oil fields eventually reach a point where they become economically, and energetically, no longer viable. If it takes the energy of a barrel of oil to extract a barrel of oil, then further extraction is pointless, no matter what the price of oil."

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