Defining Peak Oil

I tend to think there’s a lot of misunderstanding about the meaning of peak oil, a term that is becoming ubiquitous in public discussions of energy and climate change. So I want to highlight this articulate definition, which is devoid of hyperbole and concludes with a modest nod to peak oil’s relevance:

In my opinion, peak oil is a big deal because it will send a price signal – or shock – through the energy consuming systems of the world once shortages become a reality, and at least in the case of oil, it will force both conservation and use alternatives into the market because both supply availability (falling) and price (increasing) will create opportunities for other fuels and energy sources.