Don't Freak about Peak Oil
Peak oil is an oversimplification. While M. King Hubbert’s theory is most certainly correct, the application of technology creates multiple peaks for the different resource types in the resource triangle. There is some good discussion about energy issues at www.theoildrum.com.
There is a finite amount of oil on the planet but over 60% is left in the ground after primary recovery. We can still “squeeze the sponge” to recover more oil. I’m not saying “Remain calm, All is well” but there are new technologies out there that could help to stabilize global oil production levels until we find alternatives.
This production graph below shows the response in oil production to the application of various technologies in Encana’s Weyburn Field, Saskatchewan.