Peak Oil Theory

ℹ️Peak Oil Theory
File:PeakOil.png File:PeakOil.pngx
By :	Aristotle Sabouni
Created :	2022-03-13

1Liner  :  M King Hubbert predicted oil production to peak globally around 1986, it's now expected after 2050. Be skeptical of Chicken Little.

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Summary  :  In the mid 50’s M King Hubbert plotted out oil production and said we would peak in the U.S. between 1965-1970, and in the world by 1986, so we needed to give government control to save us. Advances in discovery have resulted in at least 2050 until we expect to supply peak -- assuming no further advancements. Demand peak may already be on the decline, well before we ever consumed all the supply.

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Hubbert was celebrated by the naive when oil production seemed to slow down in the U.S. in the 70’s. Woo hoo, the ruination of humanity is upon us! That'll teach those wasteful louts not to listen to the watermelons. But they failed to recognize that was that the only reason the U.S. production went down was because it was cheaper to get elsewhere (so we preferred to tap their cheaper capacity first).

Since then, Fracking and tar sand extraction has brought the U.S. to a new high in production -- and we may hit peak supply in 2050 (70 years later than they predicted), and by then alternatives are becoming available and demand is declining.

The problem for the Tragedy of the commons scare-mongers is that as the costs for one kind of energy goes up, it makes all the alternatives and improving efficiency more attractive to offset any difference, thus the markets correct themselves much better than the planners can plan for.

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🔗 External Links

• Wikipedia: Peak oil

Abiotic Oil:

• http://news.investors.com/blogs-capital-hill/110415-779176-we-are-not-running-out-of-oil-earth-produces-crude.htm
• http://mobile.wnd.com/2008/02/45838/#YStjdZpDKsQiFKmi.01