18 May '12, 1pm

Drumbeat: May 18, 2012

People have fretted about when the world’s oil will start to run out ever since M. King Hubbert came up with the idea of “peak oil” back in the 1950s. The American geologist, who worked for Shell, pointed out that we are destined to reach a moment when oil production stops rising and goes into terminal decline. With it, the era of cheap oil that fuelled the post-war economic boom would end. The idea still provokes great debate, and many forecasters are predicting that global production will peak by the end of this decade as supplies dwindle. Now there is a different view. A small number of analysts forecast that oil production will start to fall by 2020 – not because we are running out, but because we just won’t need it. They argue that the world will wean itself off oil voluntarily, through major advances in vehicle technology. Peak oil will not be a supply-side phenomeno...

Full article: http://www.theoildrum.com/node/9197

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