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Production and price of cotton for one hundred years (classic reprint) - Prices and Production | Mises Institute

The term Peak oil is part of geologist M. King Hubbert 's theory , published in 1956. In this theory, "peak oil" is the point in time when the maximum rate of extraction of petroleum is reached, after which it is expected to enter terminal decline. [1] Peak oil theory is based on the observed rise, peak, fall, and depletion of aggregate production rate in oil fields over time. It is often confused with oil depletion ; however, peak oil is the point of maximum production, while depletion refers to a period of falling reserves and supply.

Some observers, such as petroleum industry experts Kenneth S. Deffeyes and Matthew Simmons , predicted there would be negative global economy effects after a post-peak production decline and subsequent oil price increase because of the high dependence of most modern industrial transport , agricultural , and industrial systems on the low cost and high availability of oil. [2] [3] Predictions vary greatly as to what exactly these negative effects would be.

Hubbert's original prediction that US peak oil would be in about 1970 seemed accurate for a time, as US average annual production peaked in 1970 at 9.6 million barrels per day. [11] However, the use of hydraulic fracturing caused US production to rebound, challenging the inevitability of post-peak decline for the US oil production. [12] In addition, Hubbert's original predictions for world peak oil production proved premature. [4]