Describe the reasoning behind the theory of peak oil. From consideration of Figure 2.2.

Figure 2.2: 

Has US oil production peaked? Explain the reasons behind the recent increase in US oil production. Is this increase likely to peak?

Transcribed Image Text:

barrels per year) Lower 48 states oil production (millions 4000 3500 3000 2500 2000 1500 1000 500 Actual Production Hubbert's Prediction 1000 101 1020 1030 1010 1050 1000 1070 1080 1000 3000 2010 3030 Figure 2.2 Hubbert's prediction in 1956 about the peak of US oil production versus actual production [3].