The Hubbert Peak theory posits that for any given geographical area, from an individual oil field to the planet as a whole, the rate of oil production tends to follow a bell-shaped curve. Early in the curve (pre-peak), production increases due to the addition of infrastructure. Late in the curve (post-peak), production declines due to resource depletion.
"Peak Oil" as a proper noun, also known as Hubbert's peak, refers to a singular event in history: the peak of the entire planet's oil production. After Peak Oil, according to the Hubbert Peak Theory, the rate of oil production on Earth will enter a terminal decline. The theory is named after American geophysicist Marion King Hubbert , who created a model of known oil reserves, and proposed, in a paper he presented to the American Petroleum Institute in 1956, that production of oil from conventional sources would peak in the continental United States between 1965 and 1970, and worldwide within "about half a century" from publication.
When the global peak will occur is a controversial issue. Production peaks are difficult to predict, and generally the only reliable way to identify the timing of any production peak, including the global peak, is in retrospect. United States oil production peaked in 1971. The peak of world oilfield discoveries occurred in 1962. World oil production has been essentially flat since 2005.
Some estimates for the date of worldwide peak in oil production, made by Hubbert and others, have already passed. Estimates for the date of Peak Oil range from 2005 to dates after 2025. Opinions on the effects of Hubbert's peak, and the subsequent terminal decline of global oil production, range from predictions that the market economy will produce a solution to doomsday scenarios of global economic meltdown and population collapse .
How’s the exploration ? I don’t know ! Maybe ... I think there’s nothing here