So-called environmentalists never tire of predicting the end of oil. They’ve been talking about “peak oil” for decades, after which annual production would inevitably decline as we drain the world’s finite supply. In fact, proven reserves (oil that we know is there and is recoverable with current technology and under current law) have been steadily rising, despite the fact that the world pumps 83.9 million barrels a day out of the ground, a 32 percent increase over 20 years ago. New techniques, such as fracking and horizontal drilling, have brought new life to both old fields and new ones whose oil had previously been unrecoverable. And vast new fields, such as the giant finds off the coast of Brazil, have added new reserves. Much of that 32 percent increase in world production has gone to power the fast-rising economies of the developing world, such as China, India, and Brazil. Oil […]