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Old 11-19-2016,
arupictb11 arupictb11 is offline
 
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Default The Security of Supply

While working for Shell Oil during the 1940′s Dr. M. King Hubbert noticed the production of crude oil from individual oil fields plotted a normal bell shaped curve. Roughly half of the oil from a field has been exhausted when the bell curve peaks.

Carrying that insight further he surmised that oil production from a group of oil fields would follow a similar bell shaped pattern.
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Old 11-19-2016,
AsiaimPr AsiaimPr is offline
 
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In 1956 Dr. Hubbert predicted the cumulative group of oil fields within the US would reach peak production in the 1970′s, and thereafter decline – no matter how much money would be thrown at exploration and development of reserves US oil production would not rise higher after this date – his prediction was uncannily accurate.

There are a few things we can learn from studying oil production on the upside slope of Hubbert’s bell curve.
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Old 11-19-2016,
AsamMuse AsamMuse is offline
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As oil production nears its peak
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Old 11-20-2016,
atasofuzev atasofuzev is offline
 
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Oil becomes harder to find
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Old 11-23-2016,
auedakovotisi auedakovotisi is offline
 
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Producing oil from existing fields becomes more expensive – recovering the last barrel of oil is more expensive than recovering the first barrel
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