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Yes, but he also stated this: "The rush to judgment seems to be based on the remarkable recent success from using horizontal fracturing to extract oil from tighter rock formations. Here for example is a graph of production from the state of Texas, one of the areas experiencing the most dramatic growth in tight oil production. In 2012, Texas produced almost 2 million barrels each day, up 800,000 barrels a day from 2010" You quote is about it being the same or lower than 1970s levels is not contradictory. Basic over all production is *the same* due to new technologies and new discoveries. Also, though he doesn't talk about it much, the tar/oil sands in Venezuela and Canada. He's suggesting, or implying, that the 2005 predictions were technically wrong but that Saudi oil never increased that much. The overall peak oilists have been generally wrong, though correct I think that the curve will catch up. The peak oilers tend to be into static production figures and never thought, as no one did, that places tike the Bekkan Oil shield in the Dakotas would ever amount to anything. They were wrong. So the Hubbards Curve is now about 30 years out of date...but doesn't mean that the peak in that curve isn't going to catch us. China will assure that without a doubt. David ________________________________________________ Send list submissions to: [email protected] Set your options at: http://greenhouse.economics.utah.edu/mailman/options/marxism/archive%40mail-archive.com
