Doomsters are wrong – there’s plenty of oil

The paper, Never Cry Wolf – Why the Petroleum Age is Far from Over, cites the example of the Kern River field in California, first discovered in 1899. Calculations in 1942 suggested that 54 million barrels remained. In fact, over the next 44 years the field produced 736 million barrels and in 1986 was reckoned to have another 970 million barrels remaining.

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