A geophysicist called M. King Hubbert back in 1956 predicted that oil production for any oilfield would take the form of bell curve from initial discovery through to maximum productivity and on to gradual decline. He accurately predicted that American oil production would peak in the early 1970s.
Hubbert Peak Theory
However, perhaps geologists need to revisit this idea as new technology to both find and produce oil has brought about the new discovery of oil reserves in places that had been thought to be exhausted of any useful oil such as California and Texas. Such discoveries, along with Shale gas, could go a long way to make the US energy independent. This would have a lot of knock-on effects for the economics and politics of the world.
How do you think that geologists have contributed to this advance in technology? Do you think that it's a good thing?
BBC News Story
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