What is Peak Oil theory? Peak Oil theory states that once 50% of extractable oil has been extracted and depleted, then... Catastrophic shortages will occur. However, Peak Oil is no longer a popular theory these days, since it does not reflect reality. If oil tankers can no longer pass through the strait, then resulting shortages will not be due to Peak Oil, of course. Yet, maybe the effects will make the sudden shortfall feel as if we are on the drastic downward curve after Peak Oil.
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