Oil peak is far away---Fracking and other new tech solved it
Conca 17 [James; a scientist in the field of the earth and environmental sciences; 03/03/2017; “No Peak Oil For America Or The World”; https://www.forbes.com/sites/jamesconca/2017/03/02/no-peak-oil-for-america-or-the-world/?sh=6875e2e34220] iman
In Hubbert’s time, most of the conventional oil reserves had already been discovered. Hubbert went on to predict that U.S. production would peak in 1969, and it did appear to peak in 1970. World reserves were supposed to peak around 2010 (see figure).
However, about 20 years ago, the industry really leapt forward on the technologies to find oil and to extract it. Particularly fracking.
This changed everything.
BP’s Spencer Dale summed it up nicely, “For every barrel of oil consumed over the past 35 years, two new barrels have been discovered.” And this shows no sign of slowing down any time soon. Peak oil has moved to a long time from now.
While we talk about decreasing our fossil fuel use, it’s easy to forget that humans find it really hard not to use what they have a lot of. And we have a lot of oil. And gas. And coal. In fact, the United States has more oil, gas and coal together than any other country in the world.