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Oil, Money & War Part 2

Second of a two part article from Jim Puplava


    "At the time of Hubbert's prediction in 1956, many inside the oil industry rejected his conclusions. American oil production was continuing to grow. As the world's largest exporter of oil, it was inconceivable to think that U.S. production would ever go into decline. Hubbert's critics were numerous, with many of them inside the oil industry.

    There had been many Cassandras before Hubbert's time that had cried wolf. After Hubbert made his prediction, the industry actually grew instead of declined. So Hubbert was considered to be another false prophet. Hubbert actually made two estimates of when oil production would peak in the U.S.. His first estimate was that it would peak in 1965. His second estimate was for oil production to peak around 1972. His more generous estimate of 1972 was dead on."







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