The idea of Peak Oil, where demand exceeds supply, threatened us for a long time yet continual advances in oil extraction techniques keeps pushing that date farther and farther out, as explained in a recent article over at FastCompany (worth reading if you’re into this stuff!). Instead, we’re facing a new dilemma…we’ve gotten so good at extracting fossil fuels from the ground, that we now face the grim reality of the environmental impact of consuming the known and accessible fossil fuel reserves. If we want to stay below the internationally-agreed upon 2°C of global warming, we can dump about 565 gigatons more CO2 into the atmosphere. The problem is that current fossil fuel reserves, ignoring any future discoveries, contain about 2,795 gigatons of CO2 (source). Yeah. Not good. Either fossil fuels need to get so expensive that people stop using them, or we’re going to really mess up this planet.
Where is Peak Oil?
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