Smc Newsletter January 07

This document summarizes arguments made by "peak oil deniers" who claim that fears of reaching peak oil production are overblown. It examines each of their key claims, such as the existence of vast undiscovered oil reserves, unconventional oil sources, and technological advances that will allow more oil to be extracted. However, the document argues that none of these have materialized to increase production as prices have risen. It notes that the U.S. peaked in oil production in the 1970s as predicted by Hubbert and has been in decline since, despite new sources like Alaska. Most other major oil producing nations and regions are also experiencing declines. The rate of new oil discoveries has been falling since the 1960s and production now exceeds