by MonteQuest » Fri 09 Mar 2007, 00:32:42
$this->bbcode_second_pass_quote('eclipse', 'H')ubbert was wrong?
As we all know, Hubbert accurately came up with the concept of a "double peak" — one in discovery followed by a peak in production — and then in 1956 accurately predicted America's peak oil production peak for 1970. But Hubbert was way off on the VOLUMES of WORLD peak oil. Hubbert predicted total world oil extraction would peak at 1/3 of today's rates.
Yes, but as this 1976 video shows:
Hubbert speaks!$this->bbcode_second_pass_quote('', 'S')everal years after his startlingly accurate prediction that the U.S. would peak in 1970 and in the context of the 1970s energy crisis, Hubbert speaks about the theoretical Hubbert curve which suggested a worldwide peak of oil extraction in 1995. In the past several years, Hubbert and his predictive model have been roundly criticized by detractors such as CERA (Cambridge Energy Research Associates) because world oil extraction did not peak in 1995 and still has yet to peak.
Hubbert clearly articulates that the OPEC countries had already by 1976 changed their production profiles such that his world production curve would likely be shifted by about ten years. He also speculates that the growth rate at the time could also be flattened in the future which could also change the curve.
His initial prediction was 1995. 1995 plus ten years =2005.