Abstract
The world is thirsty for oil. The mounting demand is apparent to anyone who follows escalating world crude oil prices or the cost of automobile fuel at the local gas station. Demand has never been higher; total worldwide consumption is approaching 100 million barrels per day, causing world prices to surpass US$ 130 per barrel. As the industry strives to meet this demand conventionally, the predictions of M. King Hubbert—that global oil production will peak sometime between 2010 and 2020—come to mind.
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