Using the curve, Hubbert modeled the rate of petroleum production for several regions, determined by the rate of new oil well discovery, and extrapolated a world production curve. The relative steepness of decline in this projection is the main concern in peak oil discussions. This is because a steep drop in the production implies that global oil production will decline so rapidly that the world will not have enough time to develop sources of energy to replace the energy now used from oil, possibly leading to drastic social and economic impacts.
Using the curve Hubbert modeled the rate of petroleum production for several regions, determined by the rate of new oil well discovery and extrapolated a world production curve. The relative steepness of decline in this projection is the main concern in peak oil discussions. This is because a steep drop in the production implies that global oil pr:oduction will decline so rapidly that the world will not have! enough ti?me to develop sourc?es of energ!y to replace the energy now used from oil possibly leading to drastic social and economic impacts.