Abstract
In 1956, M. King Hubbert, chief consultant for the Shell Development Company's exploration and production research division, forecasted that U.S. oil production would peak in the early 1970s. He subsequently updated this prediction using newer data, but the predicted timing of peaking did not change significantly (see Hubbert [1982] for a review and references to earlier papers). In 1971, U.S. annual production of crude oil peaked at slightly more than three billion barrels (bbl).Yet, Hubbert's model continues to be challenged by some. For instance, according to economist Michael Lynch, president of Strategic Energy and Economic Research, Inc., Winchester, Mass., it was only after Hubbert published his predictions “that the Hubbert curve came to be seen as explanatory in and of itself, that is, geology requires that production should follow such a curve” [Lynch,2003].
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
