Michele Kearney's Nuclear Wire

Major Energy and Environmental News and Commentary affecting the Nuclear Industry.

Thursday, August 11, 2011

Peak Oil: Grim Reality or Conspiracy Myth?

Peak Oil: Grim Reality or Conspiracy Myth?

The era of cheap oil is over and will never come back… Conventional oil peaked in 2006,” Fatih Birol, International Energy Agency Chief Economist, 25 May 2011

There is perhaps no more divisive issue in the world energy markets than the concept of “peak oil,” which has ignited vociferous debate on both sides of the issue.

Shorn of its complexities, peak oil boils down to a half-empty/half-full glass debate. The peak oil theory, first enunciated by Marion King Hubbert, a geologist working at Shell’s research lab in Houston, stated that any finite resource (including oil), will have
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