Crude Oil: how high can it go?

19th century whaling is today one of the best examples we have of a complete cycle of exploitation of a natural resource. Production of whale bone and whale oil both followed Hubbert style “bell shaped” curves, peaking in the mid-19th century. In both cases their peak and decline triggered near exponential price rises. It seems that what we are seeing now for the production and price of crude oil parallels the historical data for whale oil and whale bone.

The Oil Drum: Europe