Chart of the Day
Posted at 4 p.m. on March 5
– The Economist looks at how the shale gas revolution may be thwarting previous predictions about peak oil production in the US.
“THE theory of peak oil, the idea that global crude production may be at or near its limit, is based on the work of M. King Hubbert… But Mr Hubbert’s curve, which neatly fitted American oil production and rightly predicted a peak in 1970, may need to be redrawn… The technology that has unlocked huge volumes of gas from American shale beds can also been used to extract oil. As drilling for oil from shale intensifies America looks set for another peak in the next couple of decades.”