The day we hit “peak oil” will be a definitive moment in the history of resources and energy consumption. Throughout our lifetime we have been warned of the implications of oil production hitting an absolute maximum; the consequence of which will be the terminal decline of global supply. M. King Hubbert, the author of the Peak Oil Theory , suggested the world might max out in terms of oil in around 1970, a prediction that held true for a long time, saved only by vast improvements in hydraulic fracking technology. Optimists of recent decades have placed new estimates ranging from 2020 all the way to 2050 depending on the industry’s extraction rate, and yet, I’m looking at an oil industry where company and country alike are engaged in a unanimous effort to pull it out of the ground quicker than ever. There is little evidence to suggest crude oil […]