Tag Archives: Peak Oil

HuffPost – Belief In Peak Oil Logically Implies Failure Of Alternative Energy

25 Feb

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One of the most persistent beliefs among proponents of alternative energy is that we are in danger of running out of fossil fuels. This economic theory, known as “Peak Oil,” was first articulated by geophysicist M. King Hubbert in 1956. It states that for any geographic region—indeed, for the world as a whole—the extraction of fossil fuels follows a bell-shaped curve that eventually hits a maximum and then must inevitably decline. It seems like a commonsensical, compelling theory—except for a few small problems. It ignores the role economics plays in shaping supply and demand, it completely discounts the power of human ingenuity to come up with novel ways to solve problems, and it has been repeatedly refuted by the facts.

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