The peak oil myth

Peak oil, a myth, has proved an enormous distraction. It is time for analysts and policymakers to concentrate on real problems, such as the climate impact of burning all those hydrocarbons.

"The limit of production in this country (the United States) is being reached, and although new fields undoubtedly await discovery, the yearly (oil) output must inevitably decline, because the maintenance of output each year necessitates the drilling of an increasing number of wells.

"Such an increase becomes impossible after a certain point is reached, not only because of a lack of acreage to be drilled, but because of the great number of wells that will ultimately have to be drilled."

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