The Reasoned Review

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MSNBC: Peak Oil in 2014

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The “Peak Oil Theory”, as President Obama likes to refer to it, has been what you would call a fringe idea for about a decade now, something only loony conspiracy theorists believed in and which Serious Adults dismissed without a second thought. But opinions on the matter have changed in recent years, and we can now see even a staid establishment mouthpiece such as MSNBC reporting that oil production could hit its peak and decline irreversibly as early as 2014:

Predicting the end of oil has proven tricky and often controversial, but Kuwaiti scientists now say that global oil production will peak in 2014.Their work represents an updated version of the famous Hubbert model, which correctly predicted in 1956 that U.S. oil reserves would peak within 20 years. Many researchers have since tried using the model to predict when worldwide oil production might peak.

……

For now, Kuwaiti scientists say that the world continues to consume its oil reserves at a rate of about 2.1 percent each year. They plan to continue including new data that can refine the model as time goes by.

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Written by pavanvan

April 11, 2010 at 12:03 pm

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