There cant be a transition if there continue to be

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ion was about to plunge and that the world was about to run out of oil. Those were all extensions -- unjustified in my view -- on Hubbert's model. Hubbert's formulation addressed only production rates and wasn't a prediction of the measured levels of global oil reserves. Hubbert's model used a relatively narrow definition of oil, not surprising in an era when the conventional oil production of Texas, California and Louisiana dominated the U.S. industry. When oil companies continued to find oil and global reserves and estimates of global reserves continued to climb, peak oil theory took a ding. Then the global oil industry discovered huge, unconventional sources of oil in the Canadian oil sands and the tight shale formations of first the United States and then Argentina, China and Europe. That revived production in mature oil-producing countries, such as the United States, and made the theory look loopy. But to see how useful a peak oil model can be to an investor, look at the latest quarterly results from the big internationa...
View Full Document

This note was uploaded on 11/30/2013 for the course PHILOSOPHY 303m taught by Professor Tye during the Fall '12 term at University of Texas at Austin.

Ask a homework question - tutors are online