Next year U.S. oil production will exceed its 1970 peak

29 Jul 2017   Oil Supply, USA

Crude oil production in the U.S. will reach an average of 9.9 million barrels a day in 2018, the Energy Information Administration projects in its latest Short-Term Energy Outlook report. This would surpass the previous record of 9.6 million barrels per day, set in 1970. So much for Hubbert’s Peak. In 1956, geologist M. King Hubbert famously predicted, in a presentation to the American Petroleum Institute, that oil production in the U.S. would peak no later than 1970 . To make his estimates, Hubbert added up all the plausible extrapolations of domestic crude oil reserves. His more conservative calculation assumed the ultimate production of 150 billion barrels, in which case production would peak in 1965. But if ultimate production could rise to 200 billion barrels, the peak would be delayed until 1970. Read ’em and weep M.K. Hubbert Many people thought Hubbert’s predictions were vindicated when U.S. production began […]

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