[Marxism] The Death of Peak Oil By James Hamiliton on The Oil Drum
dwaltersmia at gmail.com
Wed Apr 17 22:45:11 MDT 2013
Yes, but he also stated this:
"The rush to judgment seems to be based on the remarkable recent success
from using horizontal fracturing to extract oil from tighter rock
formations. Here for example is a graph of production from the state of
Texas, one of the areas experiencing the most dramatic growth in tight oil
production. In 2012, Texas produced almost 2 million barrels each day, up
800,000 barrels a day from 2010"
You quote is about it being the same or lower than 1970s levels is not
contradictory. Basic over all production is *the same* due to new
technologies and new discoveries. Also, though he doesn't talk about it
much, the tar/oil sands in Venezuela and Canada.
He's suggesting, or implying, that the 2005 predictions were technically
wrong but that Saudi oil never increased that much.
The overall peak oilists have been generally wrong, though correct I think
that the curve will catch up. The peak oilers tend to be into static
production figures and never thought, as no one did, that places tike the
Bekkan Oil shield in the Dakotas would ever amount to anything. They were
wrong. So the Hubbards Curve is now about 30 years out of date...but
doesn't mean that the peak in that curve isn't going to catch us. China
will assure that without a doubt.
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