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2005 paper (PDF format) from CSISP about the effect of Peak Oil on the oil economy
"Hubbert's approach was originally applied to the analysis of the US oil fields, in which production was
considered to be, in comparison to the Middle East or Russia for example, unrestrained by government.
However, in the mid-1990s a number of analysts increasingly argued that Hubbert's approach was useful
in understanding the long term dynamics of global production. To be sure, the oil price rises of the 1970s
had not been caused by physical constraints but, in this argument, the simple fact that oil was a finite
resource would begin to have an effect."
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