Abstract

For the past half century, a debate has raged over when “peak oil” will occur. Until recently, the debate had been largely academic in nature, with the public narrative only catching glimpses of a conversation that took place mainly between experts within the energy industry. But, as the price for crude oil became unusually volatile after the turn of the twenty-first century, the issue of peak production has received heightened attention among policy makers, and the tone has changed in the discussions among oil industry and energy watchdogs about the future of global oil supply. The world’s energy supply still relies heavily on oil, and global energy demand is expected to rise steeply over the next 20 years, so understanding the factors affecting future oil supply has become more pressing.