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Once the peak is passed, oil production begins to go down while cost begins to go up.
This means that if 2000 was the year of global Peak Oil, worldwide oil production in the year 2020 will be the same as it was in 1980. However, the world's population in 2020 will be both much larger (around double) and much more industrialized and oil-dependent than it was in 1980. Thus, worldwide demand for oil will outpace worldwide production of oil by a significant margin. Because of this, the price will dramatically increase, oil-dependant economies will crumble, and resource wars will explode
The issue is not one of "running out" so much as it is not having enough to keep our economy running...
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