Background
The most famous peak oil petrogeologist is M. King Hubbert, who predicted in 1956 that oil production would peak in the United States between 1965 and 1970. U.S. oil production peaked in 1970. Hubbert's theories became popular during the 1973 energy crisis, and during the 1979 energy crisis when even the United States Secretary of Energy, James Schlesinger announced, as he left his post that year, that 'Mid-East production is unlikely to expand much, if at all, and is unlikely to drop below current levels'. (Wall Street Journal 1979). In December 2000 Colin Campbell warned in a public lecture held at the Clausthal University of Technology that
'There is, I think, a strong danger of some ill-considered military intervention to try to secure oil. A stock market crash seems inevitable, as some investment managers are now telling us. The global market may collapse because of high transport costs and global recession. Self-sufficiency will become a priority.'
Read more about this topic: Colin Campbell (geologist)
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