Peak Oil is the time at which peak petroleum production is reached. After this point production starts to decline at an ever increasing rate. If demand does not also decline the price of oil will rise rapidly.
In 1956 Marion King Hubbert, a Geoscientist working for Shell, used his model to accurately predict that the USA would reach Peak Oil between 1965 and 1970. His theory now known as the Hubbert Peak Theory has been applied with great success to other oil producing regions / countries and oilfields around the world.
Up until Peak Oil is reached petroleum production keeps on rising in line with demand. Then when approximately half of the oil has been extracted production rates slow and cannot be restored to previous levels. As supply can no longer keep up with demand then inevitably the price rises. Many pundits have surmised that the Earth has already reached Peak Oil as the price of oil doubled in 2008 before slumping as a world recession caused by a crisis in the banking sector lead to a reduction in demand. Other factors include consumers switching to more fuel efficient transport.
Peak Oil
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[...] the end of the challenges facing anyone wanting to travel the world. The energy crunch or at least Peak Oil is waiting in the wings as oil will not last forever and many experts believe that there is not [...]