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After the Oil Runs Out
After the Oil Runs Out
By James Jordan and James R. Powell Sunday, June 6, 2004; Page B07
If you're wondering about the direction of gasoline prices over the long term, forget for a moment about OPEC quotas and drilling in the Arctic National Wildlife Refuge and consider instead the matter of Hubbert's Peak. That's not a place, it's a concept developed a half-century ago by a geologist named M. King Hubbert, and it explains a lot about what's going on today at the gas pump. Hubbert argued that at a certain point oil production peaks, and thereafter it steadily declines regardless of demand. In 1956 he predicted that U.S. oil production would peak about 1970 and decline thereafter.
Skeptics scoffed, but he was right.
http://www.washingtonpost.com/wp-dyn/articles/A17039-2004Jun4.html
By James Jordan and James R. Powell Sunday, June 6, 2004; Page B07
If you're wondering about the direction of gasoline prices over the long term, forget for a moment about OPEC quotas and drilling in the Arctic National Wildlife Refuge and consider instead the matter of Hubbert's Peak. That's not a place, it's a concept developed a half-century ago by a geologist named M. King Hubbert, and it explains a lot about what's going on today at the gas pump. Hubbert argued that at a certain point oil production peaks, and thereafter it steadily declines regardless of demand. In 1956 he predicted that U.S. oil production would peak about 1970 and decline thereafter.
Skeptics scoffed, but he was right.
http://www.washingtonpost.com/wp-dyn/articles/A17039-2004Jun4.html