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Many geologists, economists and others predict that the world will reach peak oil production in the next few years, which means that the amount of oil pumped out of the ground from all existing and developed oil fields will start to decline. Without major, even massive new oil discoveries, a growing population and a growing world economy will have less energy resources to draw on, which will drive up prices worldwide, and cause intense competition for control of those resources.
The difference between peak oil supply and peak oil production is peak oil supply is the total amount of known oil on Earth, and production is the peak amount we have and can access to bring to market.
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