Peak Oil Production Nowhere in Sight
Having shown that the end of oil is – as always – still many decades away, and that our discovery of new global oil reserves has consistency outpaced increasing production rates over the past several decades, we can turn our attention towards debunking the omnipresent peak oil hysteria.
In its 2014 Statistical Review of World Energy, BP provides the latest global oil production rates since 1965 – and here they are.
There is absolutely no evidence that "a peak oil plateau is developing that could last the better part of two or three decades."
In contrast, global oil production rates have increased linearly since 1983 and show no signs of downward curvature (i.e., peaking).
Remember the peak oil hysteria in the late 1970s, when global oil production rates peaked in 1979 and then declined for a few years? Well, global oil production rates have increased by more than 31 percent since that supposed peak.
And despite our ever-increasing production rates, the reserves-to-production ratios continue to increase, meaning that both peak oil and the end of oil are still nowhere in sight.