There’s a new “Peak Oil” prediction out, and this one is worth taking seriously if for no other reason than its source. Peak Oil, you may recall, refers to a theory propounded by the late geologist M. King Hubbert, who predicted that world oil production would ultimately reach a maximum and then go into a long decline. He initially predicted this would happen in the 1965 to 1970 time frame. Later versions of the theory held that Peak Oil would be achieved a few years ago. The theory has been repeatedly debunked by reality, most recently by the appearance of new oil and gas exploration and production technology like three- dimensional seismology, horizontal drilling and multi-stage fracking. What sets the latest Peak Oil prediction apart is that it is based on peak demand, not peak production — and that it’s predicted to occur as soon as five years from […]