Welcome to the Financial Times Lexicon

Browse thousands of words and phrases selected by Financial Times editors and suggest new terms for the glossary.

 

Term of the day

peak oil

The debate over “peak oil” – the point at which the world’s oil supplies go into irreversible decline – is a long-running argument that has not yet had much impact on energy policy.

Some geologists argue that peak oil is either very close or has passed, and the world will never again be able to produce the 83m barrels per day that flowed in 2008.

They are exasperated by what they see as the complacency of policymakers and analysts, particularly the International Energy Agency, which predicted that...