The Peak Oil Debate, Laurel Graefe, Economic Review, Vol. 94, No. 2, 2009
“For the past half-century, a debate has raged over when “peak oil” will occurthe point at which output can no longer increase and production begins to level off or gradually decline. Determining how long the oil supply will last has become even more pressing because the worlds energy supply still relies heavily on oil, and global energy demand is expected to rise steeply over the next twenty years. This article seeks to bring the peak oil debate into focus. The author notes that a number of factors cloud the energy outlook: Estimates of remaining resources are typically given as a range of probabilities and are thus open to interpretation. Variations also occur in estimates of future oil production and in the ways countries report their reserve data.”
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