An Update on Peak Oil by J. Carlos Carillo

A summary, and the best that I can come up with:

Peak oil refers to a peak in oil production. This is critical because around 70 pct of mining equipment require oil, up to 50 pct of manufacturing fossil fuels in general, and the bulk of shipping. These are all important because almost everything we use, from food to medicine, involves these three plus farming equipment and various chemicals used for artificial fertilizers, pest control, etc. Even thousands of products we use require petrochemicals, from medicine to shampoo to vehicle parts to even clothes.

An expert predicted back in the 1950s that by 1970 U.S. conventional production would peak, and then for the world after 2005 or so. Both happened, and the world had to rely on fracking, tar sands, etc., to get more oil.

Media outlets report that we shouldn't worry because the world will switch to renewables and that oil demand will drop. It turns out that renewables aren't that efficient and require oil to produce, while most of the world need a lot of oil because they're still developing economically.

What affects oil also affects copper, uranium, etc. There's a limited amount of resources underground because of gravity (lots of oil underground but most of it is too deep to extract due to economic feasibility).

We need to increase oil production by 5 pct every year in order to stay afloat, but we can't continue because it's too expensive. The cost of doing that is passed on to higher oil prices, which causes economies to crash.

Lastly, the world consumes around 100 million barrels of oil a day, or around 36 billion barrels a year. That means even if we find something like a megafield with 100 billion barrels, then that will be good for only three years.