428. EVEN HUBBERT WAS WRONG

The founding myth of "peak oil" has always been Hubbert's 1956 prediction that US oil production would peak in the early 1970s and decline, never to rise again. This myth is being disproved as we speak. Thanks to technological breakthroughs, US oil production is rising again:

The trend is set to continue. From yesterday's Los Angeles Times:

By 2015, U.S. oil production is expected to rise to 10 million barrels per day and increase to 11.1 million barrels per day by 2020, overtaking second-place Russia and front-runner Saudi Arabia, according to the IEA's World Energy Outlook. The U.S. will export more oil than it brings into the country in 2030, the report said. Link

 In other words, even the great Hubbert is set to be embarrassed in the next few years. Don't buy into the hype folks. Peak oilers have an incredible knack for getting things wrong.