The Immortal Words Of Sheikh Zaki Yamani, A Saudi Oil Minister

1564 WordsDec 4, 20157 Pages
In the immortal words of Sheikh Zaki Yamani, a Saudi oil minister, “the Stone Age did not end for the lack of stone but the oil age will surely end long before the world runs out of oil” (The end of the Oil Age). A strong prediction from 3 decades, coming from such a source can hardly be a case of wishful thinking. More elaborate description of this prediction was proposed by Shell geologist M. King Hubbert in 1956 through his Hubbert Curve (Lamb). He proposed that all oil wells follow a production bell curve with outputs rising, stabilizing and then declining to nothing and therefore global oil production will similarly rise, peak and then fall. He was highly criticized because the world was developing and elite people were making money while riding on the back of global oil production. Over the years oil became the lifeblood of the modern world. However there would come a time when oil production reaches a point known as peak oil. Imagine a water cooler. Imagine pouring glass after without effort until the stream of water begins to trickle. Eventually one might have to tilt the cooler a bit, in order to drain the last remaining water. Peak oil is that last full and flowing glass before the final decline begins. World demand will continue to soar while its reserves dwindle. Descend in production of oil, the lifeblood of modern world, will surely bring a drastic downward shift to our societies, industries and economy. Our societies and industries will begin to crumble with

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