For much of the last century, observers of the oil industry have debated when or if we might reach so-called peak oil — the point when the maximum rate of petroleum extraction is achieved. Reasons for this peak have changed over the years, from production driven by supply, to production driven by demand. Most recently, BP has predicted that oil demand will peak by the late 2030s . What is peak oil? M King Hubbert, the geologist who first formalised the theory of peak oil in 1956, thought that oil production by the US would reach its pinnacle around 1970. For Hubbert, peak oil was predominately a supply issue, and he thought that given that the amount of oil under the ground in any region was finite, and that the discovery of new sources of oil must decrease over time, so too must possible extraction. US oil production did […]