Petroleum has played a vital role in the economic, social, and political history of the world. Petroleum is being used as a source of energy production since nineteenth century. The concept of peak oil has been proposed by M. King Hubbert's theory. It is explained that peak oil does not mean that petroleum reserves have run out, but that the maximum rate of petroleum extraction has been reached and that subsequent methods of extraction cannot increase the rate further. And hence the total rate of petroleum output will decrease. This phenomenon poses a threat to Petroleum future. As the easily extractable crude oil supplies have been decreased and the demand has increased, Extraction of heavier oil that was once uneconomical to extract due to high upfront costs has become profitable to produce. As the 70% of all crude oil produced is used by the transportation industry, great effort has been put to produce an electric vehicle capable of performance similar to that of petroleum powered vehicles. The only major factor holding back electric vehicles is how they store electricity when the vehicle is not in use. Electric vehicles can cut back petroleum use, but the notable point is the source of electricity used to charge their batteries. And if the energy is not from a clean renewable resource, then the problem is simply being shifted from one location to another and is not being solved.
Last date updated on November, 2020