From the article: What Is Peak Oil?
When M. King Hubbert, the Shell Oil geologist, first theorized in 1948 that American oil production would begin to decline by the 1970s and require the U.S. to depend on foreign oil, the oil industry thought he was crazy. But his peak oil ideas went from theory to reality: by October 1970, American oil production had hit its peak. It's been declining since. Now people like Matthew Simmons say the same will soon happen in world oil production--and sooner than we think. Oil analysts and cheerleaders such as Daniel Yergin say that's bunk. There's still plenty of oil reserves and more to be found. Who's right?
oil will run out
- what goes up, must come down. oil production has gone way up in the past, and now its time or it to go down. its simple, dont kid yourself
- —Guest GKG