How we can slow down peak oil with existing technologies

Resource Investor wondered where we are today on King Hubbert's oil production curve and takes a look at what the world can do the meet and fulfill its energy needs in the face of the declining oil production.

Firstly they talk about the fear that oil might reach the $100 per barrel price, up from about $60 today. The peakoil theory is quite interesting. It's not a doom scenario that worldwide oil supplies will be exhausted within a few years. No, current analysis from oil firms shows out we got about 40 years of supply left.

Oil is very important for our economy and contrary to what most people think it isn't solely used for fueling cars! Besides transport it's also used in power plants and for other very important applications because many chemical products use oil. Many people don't realize this but synthetic materials are made of oil! And it's also used for hundreds of other applications such as fertilizers, pesticides, solvents, asphalt, ...

Many production materials and transport use oil so as the oil price keeps increasing these products will also become more expensive.

Dr. Gal Luft regarding $100 a barrel:
My position on Peak Oil is that you know you've been there only a number of years after the fact. We are quite concerned about the fact that oil companies cannot ramp up production, but a lot of this is the fact that they don’t have access to reserves, more than the fact that the oil isn’t there. One of the other reasons that oil could reach $100 per barrel is the lack of spare capacity.
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