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Reports of ’Peak Oil’ Have Always Been Exaggerated

M. King Hubbert, a geologist with Shell Oil Co., first proposed the idea of peak oil in 1956.

Hubbert was respected in his field. His outlook on oil production, now called the Hubbert curve, seemed prescient when U.S. domestic production began to decline in the 1960s and ’70s. Both the Hubbert curve and the concept of peak oil quickly gained wide, if not universal, acceptance that has hardened into conventional wisdom.