The man who invented peak oil, M. King Hubbert, got a few things wrong. Indeed, he was too optimistic.The Oil Drum’s Gail Tverberg pointed out some problems with the Hubbert Curve in a presentation this week at the 3rd Biophysical Economics Conference.
Hubbert expected nuclear power to take over before oil reached peak. He also expected more development of wind, water and solar power. Finally, he didn’t count on the rise of China and India.
All of which goes to say that the downside of the Hubbert curve will be faster and more brutal than expected.