What is peak oil? Peak oil theory or Global Peak Oil is the simplest label for the problem of energy resource depletion, or more specifically, the peak in global oil production. Oil is a finite, non-renewable resource, one that has powered phenomenal economic and population growth over the last century and a half. The demand for peak oil and subsequent rate of oil production, meaning extraction and refining (currently about 85 million barrels/day), has grown almost every year of the last century. Once we have used up about half of the original reserves, oil production becomes ever more likely to stop growing and begin a terminal decline, hence peak. The peak in oil production does not signify that the world is running out of oil, but it does mean the end of cheap oil, as we switch from a buyers’ to a sellers’ market. For economies leveraged on ever-increasing quantities of cheap oil, the consequences may be dire. Without significant successful cultural reform, severe economic and social consequences seem inevitable.Peakoilindia.org is your most reliable source for peak oil news, the different peak oil theories as well as the peak oil production and its demand. Do not hesitate to browse through our peakoil India blog and be aware of the energy crisis in India.