Whenever I present a course, someone will inevitably ask: “When, exactly, do you think we will run out of oil?” “Never!” is always my response. The world will never run out of oil. “But”, they protest, “I saw a report about it on TV”. “I saw a YouTube video about it”. “My science teacher showed us a graph”…… When Professor Marion King Hubbert made his predictions almost sixty years ago that US oil production would peak in the mid 1970s and decline thereafter (and so also by the same reasoning would World oil production), little did he realise what consternation he would create! The truth of the matter is that his analysis and predictions were based on proven reserves from conventional oil fields. And it is true, production from these types of fields did indeed start to decline in the 70s much […]