Peak oil is the theorized point in time when the maximum rate of global oil production will occur, after which oil production will begin an irreversible decline. It is very closely related to the concept of oil depletion; while global petroleum reserves are finite, the limiting factor is not whether the oil exists but whether it can be extracted economically at a given price. A secular decline in oil production could be caused both by eventual depletion of known reserves or by reductions in demand that reduce the price relative to the cost of extraction, as might be induced to reduce carbon emissions or from demand destruction triggered by persistently high oil prices. The primary concern of peak oil is that global transportation heavily relies upon the use of gasoline and diesel fuel. Switching transportation to electric vehicles, biofuels, or more fuel-efficient forms of travel (trains, waterways) may help reduce oil demand.Numerous predictions of the timing of peak oil have been made over the past century before being falsified by subsequent growth in the rate of petroleum extraction. M. King Hubbert is often credited with introducing the notion in a 1956 paper which presented a formal theory and predicted U.S. extraction to peak between 1965 and 1971. Hubbert's original predictions for world peak oil production proved premature and, as of 2023, forecasts of the year of peak oil range from 2025 to 2040. These predictions are dependent on future economic trends, technological developments, and efforts by societies and governments to mitigate climate change.In the past, predictions of future oil production made in 2007 and 2009 stated either that the peak had already occurred, that oil production was on the cusp of the peak, or that it would occur soon. A decade later, world oil production would rise to a new all time high in 2018, as developments in extraction technology enabled a massive expansion of U.S. tight oil production. Though as of 2024, world oil production has not recovered to the prior peak in 2018 due to the coronavirus pandemic causing significant disruptions in the oil markets since 2020. Source: Wikipedia (en)