Multiple choice

What does the term ‘peak oil’ imply?

  1. The point at which oil reaches its highest possible price for global consumers

  2. The point at which oil reaches its highest possible cost of extraction

  3. The period when the maximum rate of global petroleum extraction is reached

  4. The period when the global consumption of oil is maximum across the world

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C Correct answer
Explanation

“Peak oil” is the period when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. It relates to a long term decline in the available supply of petroleum.

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