This article was published by The McAlvany Intelligence Advisor on Monday, November 5, 2018:
When M. King Hubbard concluded in 1956 that the world would shortly run out of oil, his theory was adopted by environmentalists and government meddlers as the basis for interference in the energy business.
Hubbard’s theory initially predicted that U.S. crude oil production would peak at around 1970. Revisions to the theory pushed the peak date out to 2000 when U.S. crude would hit 12.5 billion barrels per year and then start its inevitable and irreversible decline.
For 2018, U.S. crude oil production will hit 30 billion barrels. So much for Hubbard’s “peak oil” predictions.
But, as Eric Peters (who blogs at EricPetersAutos.com) laments, government interference based on the discredited “peak oil” theory remains firmly in place: