Hubbert’s Peak Refuted: Peak Oil Theory Still Wrong
10th June 2015
As I have explained earlier geologist M. King Hubbert famously predicted in 1956 that U.S. domestic oil production in the lower 48 states would peak around 1970 and begin to decline. In 1969 Hubbert predicted that world oil production would peak around 2000. Hubbert argued that oil production grows until half the recoverable resources in a field have been extracted, after which production falls off at essentially the same rate at which it expanded. This theory suggests a bell-shaped curve rising from first discovery to peak and descending to depletion.
As, of course, it did.
I was under the impression that in order to be a ‘geologist’ you had to know something about, well, geology. Apparently I was wrong.