Question

If humanity has passed the point where the oil supply is declining, which suggests the most practical response?

Answer 1

Peak oil is the theorized point in time when the maximum rate of extraction of petroleum is reached, after which it is expected to enter terminal decline.[2] Peak oil theory is based on the observed rise, peak, fall, and depletion of aggregate production rate in oil fields over time. It is often confused with oil depletion; however, whereas depletion refers to a period of falling reserves and supply, peak oil refers to the point of maximum production. The concept of peak oil is often credited to geologist M. King Hubbert whose 1956 paper first presented a formal theory.

Answer 2

For several years now we have been hearing about the decline in oil production, that oil is not a renewable source of energy, and that at some point, this fuel will end. There are many theories that speak about this phenomenon, like the Peak Oil Theory, which clarifies the difference between declining, and total absence of the resource. However that may be, the reality is, that at some point humanity may not have more sources of oil, and most, if not all, aspects of life will start to fail, as we are overly dependent on this resource.

The most practical response to this declining of oil production and extraction, whether it is a simple decline, or an actual ending of the sources, is to continue with the research being done on alternate sources of fuel: the use of solar power, nuclear power, and other energetic sources, such as water power, and the use of certain alcohols, like ethanol, or the gases produced by waste.

The use of electrical power is not logical because most electrical plants require oil to function and gas is not an option as it seems that its reserves are also running low, just like oil.