One recent headline from RT had me shaking my head: “Running on empty: Russia has less than three decades of oil remaining.” Yogi was right: “It’s deja vu all over again.” Remember Energy Minister Victor Khristenko’s warning in 2005 that Russian oil production “will reach a certain plateau of production within the time frame of 2010.” Remember the now defunct Oil Drum ‘s headline back in 2008: “Russia’s Oil Production is About to Peak.” ? “We now see production peaked last year,” Mikhail Kroutikhin, editor in chief of the Russian Petroleum Investor, told the BBC in 2008. Yet, even amid recently falling prices… Russia’s oil production has continued to increase, up 12% since that falsely claimed peak in 2007. One reason for these continuously false predictions is the obsession with “proven reserves,” which are simply just current, always in flux counts of the much larger resource. And people often […]