Despite gasoline prices nearing or above $3 per gallon in various parts of the United States, Americans still fill their SUVs. And most likely they won’t cancel their vacation plans for the summer – the season when more people are on the road traveling – because driving there is just more fun.
But as consumers fill up their gas tanks, they may want to consider conservation efforts. According to Mammoth Resource Partners Inc., a Kentucky-based oil and gas exploration company, there are signs that the world’s oil production is peaking. Peak oil occurs when half of an oil field’s reserves have been extracted, which means it will begin to progressively yield less oil with every passing year until nothing is left.
“China and India are consuming more oil every year to feed their growing economies,” said Roger L. Cory, president of Mammoth Resource Partners. “Europe and Japan, which use more oil than they produce, are completely oil-dependent. And the list of countries that are now considered ‘net exporters,’ which use less oil than they produce, is very short.”
These trends cannot continue without...