| Viewpoint | Peak Oil | 15 January 2010 |
Why we do not have to worry about “peak oil”
by Peter Odell
Present day claimants for a near-future peak in global oil production fail to recognize the dynamics of the processes whereby oil reserves and production evolve. They equally avoid the central role played by both economics and politics in equilibrating the markets. Their irrational warning of an early 21st century oil scarcity should thus be ignored, particularly as one recalls the huge costs that were imposed on the world economy by the premature acceptance of the prognostications of oil scarcity in the 1970s by many policymakers and energy economists.
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