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Word Count: 798
Since the discovery of oil at Oil Creek Pennsylvania in 1859 many have made assumptions about when oil will run out or peak Everyday higher demand is growing for the black gold to help our fast paced society stay on course Yet many have made determinations that the fuel will all run out sooner or later some said that there will be a plateau Another reason for this plateau is the belief in less global demand due to greater efficiency for energy Yet those who are against the theory believe that humans have already consumed over half of the earths oil resources Even though with all this fear right now for oil this wasnt the only time that a belief in a peak its occurred on several other occasions too An example was in 1880s many believed there was no oil west of Pennsylvania and obviously has been turned out to be false with discovery of oil in Texas and Oklahoma One individual who can accredit too much of the starting of oil peaking was M King Hubbert He is one of the most controversial earth scientists ever with his beliefs of oil peaking Hubberts theory was that US oil production would hit oil peak between 1965 and 1970 When US oil production hit a high point in 1970 and embargo of 1973 the theory became more justified This was all based on scientific data and nothing to do with economics Even though his theory proved to be somewhat shocking he did have some flaws which involved his calculation for future oil which was over 2 billion over what was expected in 2010 Problem with his theory was that he didnt take economics into effect and any other outlying factors like innovation With new oil fields being discovered daily and technology advancing its hard to tell when oil will peak or when demand of oil will recede The following article provided a lot of data
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