Peak oil has been an alarmist catch phrase for so long that many of us simply assume that oil production has in fact peaked and we’re well on the way to running out of the world’s favorite fossil fuel. Not so, according to this story in the Wall Street Journal:
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Have we beaten “peak oil”?
For decades, it has been a doomsday scenario looming large in the popular imagination: The world’s oil production tops out and then starts an inexorable decline—sending costs soaring and forcing nations to lay down strict rationing programs and battle for shrinking reserves.
U.S. oil production did peak in the 1970s and sank for decades after, exactly as the theory predicted. But then it did something the theory didn’t predict: It started rising again in 2009, and hasn’t stopped, thanks to a leap forward in oil-field technology.
To the peak-oil adherents, this is just a respite, and decline is inevitable.