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IS PEAK OIL A FACT OR A MYTH?






The world’s annual oil output was 150 million barrels in 1900, 28 billion barrels in 2000 and 31 billion barrels in 2006. However, only 9 billion barrels worth of new reserves were discovered in 2006. The annual oil output of many producer countries has peaked. In order to foresee the future output trends, the reserve/output relationship is used. In 1956, M. King Hubbert examined the structure of oil production and put forward the idea that the hypothesis that the time period between the peak of new oil reserve discoveries and the peak point of oil output. It was established that oil discovery in the USA had peaked in 1930, according to which Hubbert’s hypothesis predicted that oil output in the USA would peak in 1970 and the prediction was fully validated. The same theory was also correctly projected the future of coal and natural gas resources. According to the retrospective Hubbert Curve analysis of the coal market, coal output peaked in 1910, four years before the beginning of the oil war. The Hubbert Curve for oil peaked in 2010. The onset of heavy competition over natural gas began ten years before the peaking of the Hubbert Curve for oil.Dr. Cenk SevimYou can read the rest of the article on our issue of April