The concept of Peak Oil has been around for decades.

But what is it?

Some think it refers to the point when the world runs out of oil, after which there will be a global economic crisis and all hell will break loose.

Others believe that peak oil is a thing of the past, something that took place in the United States in the 1970s, that we've long since recovered from.

Neither of these conceptions are accurate, however. For an explanation of Peak Oil, and what it means for the future of the global economy, keep reading.