The idea of peak oil is familiar to most readers. It refers to the point at which global petroleum production reaches its maximum point and begins an irreversible decline. The concept was first introduced by M. King Hubbert in the 1950s. His theory proposed that oil production would follow a bell-shaped curve, with a peak representing the point at which half of the total recoverable reserves had been extracted. This prediction has been largely accurate, as we have witnessed a steady increase in global oil production followed by signs of plateauing…

via Oilprice.com https://ift.tt/r2YWwqX