Energy & Peak Oil

The last few decades of mankind progress depended on oil and gas .
Over 80 % of the world energy needs are generated from oil and gas which is categorised under fossil fuel which is non renewable . Fossil fuel which takes 150 million years to be generated will be consumed in our life time and future energy needs will come from renewable sources such as solar , wind , hydro and biomass .
Many journals on energy are convinced that current oil production at around 80 million barrels per day are peaking and the spike of oil to USD147 per barrel are due to simple mathematics where demand exceed supply . Although currently oil have turn bearish to USD80 per barrel it will peak again in the future as oil are a finite resources .
A lot of hype on peak oil subject when oil shoot over USD100 and many documentaries have been made on the matter . Some even predicted it will go to USD500 per barrel !!! . It might , in the future go to this price especially when China and India have GDP growth of over 8% per annum .
High oil prices will encourage government and business sector to find ways to reduce fossil fuel consumption and spend on R & D to find alternatives . The growth of oil consumption to these level are due to low oil prices during the 1970s to 1990s where it hover below USD50 per barrel . Thus the low oil price have cause other problem such as excessive carbon dioxide emission which bring to global warming .

Earlier last month the north pole are accessible by ship for the first time due to melting ice .
High oil prices in Europe ( due to taxes by govenrment ) have created more advance technology and more changes to usage of renewable energy . Currently a high percentage of winter heating in Europe home is by biomass such as wood pellet or wood chip . A power plant in Holland even import Palm Kernel Shell from Malaysia for the combustion in their power generation plant .
In Malaysia where there is abundance of biomass but due to lack of Research and Development, biomass is only being used by certain industries which have biomass at their door step . Most other industries are using diesel or gas for their thermal needs as it is more convenient to do so .
There will come a time when oil peak again , many industries which are caught napping will file for bankcruptcies especially if their portion of energy usage are high .
And if you or your company are a high user of fossil fuel please try to change to renewable energy as global warming are real and it will affect us and our children in the future .
The famous quote :

We do not inherit the Earth from our Ancestors, we borrow it from our Children