What North Texas company helped kill the Peak Oil theory?
By Nicholas Sakelaris, Dallas Business Journal
The Peak Oil Theory has lost traction in recent years as oil companies have found more shale oil than was ever thought possible.
There’s only so much decayed plant and animal matter that’s been compressed over the eons into fossil fuels that run our world.
That won’t change.
But after decades of predictions that the world would run out of oil, the so-called Peak Oil theory has officially gone the way of the pay phone.
The TheOilDrum.com website announced that it will stop publishing on Aug. 31, acknowledging the fact that the threat from Peak Oil is receding and there's a lack of content available. The website will remain a static archive of published material collected over more than eight years.
Basically, the folks behind the website couldn't have predicted what would happen with shale exploration in just the past few years. One researcher recently projected that domestic shale oil could reach 5 million barrels per day by 2017 and that all crude oil could top 11 million barrels per day.
For more analysis on the topic, read the Dallas Business Journal.
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