Energy policy: Has ‘ #peak_oil ’ gone the way of the Flat Earth Society? — 03/22/2013 — www.eenews.net
The theory was straightforward and seemed to hold with common sense: One day soon, the Earth would hit its halfway point of global oil production — its “peak” — and thereafter, it would see a steady decline. Those behind the concept called it “peak oil.”
(...) There’s one big problem: Those behind the theory appear to have been dead wrong, at least in terms of when the peak would hit, having not anticipated the rapid shift in technology that led to exploding oil and natural gas production in new plays and areas long since dismissed as dried up.