Tuesday, November 28, 2006

More debunking of peak oil

The CERA study debunks the so-called Hubbert
Peak Oil Theory, first espoused in 1956 by
geologist M. King Hubbert. Working at the time
for Shell Oil Co., he predicted that world oil
production would follow a bell-shaped curve in
which production grows steadily until it peaks,
followed by a rapid decline.

Hubbert was pretty accurate on the timing of
U.S. peak oil production, coming within two years
of 1970, the year experts now recognize as the
peak of continental U.S. production.

But his theory failed to recognize that new
technologies enabled reserves to grow over time.
His theory preceded the exploitation of massive
oil reserves in Alaska and the Gulf of Mexico.

Ripped from Roger Sizemore