Peak Oil Flip-Flop
There’s a new twist in the “peak oil” debate. Is it good news for the climate?
Ever since M. King Hubbert advanced the theory of peak oil in 1956, experts and non-experts alike have been debating about timing and relevance. (See here, here, here and here.) Hubbert’s argument seems like a no-brainer. Oil is a finite natural resource, so there must come a time when oil production peaks and begins to decline. The question is, when? And for a world economy that is largely fueled by oil, that “when” question is quite germane. If peak oil hits while oil demand is rising, it could spell worldwide economic disaster.
The world of oil punditry is replete with predictors of