The Hubbert’s Peak theory holds that there will soon be day when world oil production peaks and then falls year after year. It’s beyond the scope of this blog to explain in any greater detail. The Hubbert’s Peak website does a far better job than I could ever do here.
Steve Verdon is on the side of conventional wisdom. I once had lunch with an old time oil industry executive, and he was adamant that we will never run out of oil. “There’s oil under very rock!” But being a natural contrarian, my sixth contrarian sense tells me that the conventional wisdom is wrong and the Hubbert’s Peak theory is correct. Steve Verdon’s anti-Hubbert’s Peak posts remind me of Christian fundamentalists trying to poke holes in the theory of evolution. (We’ve never seen a new species evolve, and we don't really know exactly how this genetic mutation stuff works, therefore evolution must be wrong.)
The thing I find very strange about talk of peak oil is that people take sides based on their political views. Liberals say “yes, we will run out of oil,” and conservatives say “there’s oil under every rock, we will never run out.” Normally, liberals are the ones who think illogically, but in this case it’s the conservatives who refuse to heed the obvious facts. My guess is that liberals, who are environmentalists, hate oil, so they are very attracted to a story about the age of oil coming to an end. And conservatives hate liberals, so they are disinclined to believe any theory that liberals are trumpeting.
Until my next oil related post, check out The Oil Drum, a blog devoted entirely to Peak Oil.