All right, the headline might be a tad hasty. Nevertheless, geologist M. King Hubbert famously (and so far) correctly 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. In fact, daily U.S. oil production did “peak” at an average 9.6 million barrels in 1971. In January, U.S. production averaged about 9.2 million barrels per day. If Hubbert were right this should not be happening. The problem with Hubbert’s analysis and that of his many peak oilist devotees is […]