To: Wharf Rat who wrote (8824 ) 1/6/2007 7:21:09 PM From: average joe Respond to of 36917 Economist Michael Lynch[93] claims that the theory behind the Hubbert curve Peak Oil is overly simplistic, and that in his opinion available evidence contradicts some of the more specific predictions.[94] He points to the date of the coming peak, which was initially projected to occur by 2000, but has now been pushed back to 2010, and note that Campbell's predictions for world oil production are strongly biased towards underestimates[95]. Throughout 2001-2003, in his monthly newsletters, Campbell maintained that his 1996 prediction of a peak in 2000 was unchallenged. Finally in his April 2004 Newsletter, Campbell relented and shifted the peak to 2010. Later this was brought forward to 2007 but in October 2005, was shifted back to 2010. Critics such as Leonardo Maugeri, vice president for the Italian energy company ENI, claim that Hubbert peak supporters such as Campbell previously predicted a peak in global oil production in both 1989 and 1995[96], based on oil production data available at that time. Maugeri claims that nearly all of the estimates do not take into account non-conventional oil even though the availability of these resources is significiant and the costs of extraction and processing, while still very high, are falling due to improved technology. Furthermore, he notes that the recovery rate from existing world oil fields has increased from about 22% in 1980 to 35% today due to new technology and predicts this trend will continue. The ratio between proven oil reserves and current production has constantly improved, passing from 20 years in 1948 to 35 years in 1972 and reaching about 40 years in 2003.[15] These improvements occurred even with low investment in new exploration and upgrading technology due to the low oil prices during the last 20 years. However, Maugeri feels that encouraging more exploration will require relatively high oil prices [97]. Edward Luttwak argues that peak oil is a myth. He claims that unrest in countries such as Russia, Iran and Iraq has lead to a massive underestimate of oil reserves. [16] The ASPO response to Luttwak's article is here[98]. Cambridge Energy Research Associates sells a report[99] that is critical of Hubbert influenced predictions:Despite his valuable contribution, M. King Hubbert's methodology falls down because it does not consider likely resource growth, application of new technology, basic commercial factors, or the impact of geopolitics on production. His approach does not work in all cases-including on the United States itself-and cannot reliably model a global production outlook. Put more simply, the case for the imminent peak is flawed. As it is, production in 2005 in the Lower 48 in the United States was 66 percent higher than Hubbert projected. en.wikipedia.org