PEAK Oil

The Hubbert Curve: This theory suggests that oil production follows a bell-shaped curve; "Peak Oil" is the point in time when the maximum rate of extraction is reached, after which production begins to decline.

Economic Impact: Historically, this term triggered fears of "resource scarcity" and global economic collapse due to rising fuel costs.

Shift in Perspective: Modern debate has shifted from "Peak Supply" (running out of oil) to "Peak Demand"—the point where society moves to renewables and no longer wants to extract the remaining oil.