In 1874, the state geologist of Pennsylvania, then the nation’s leading oil producer, warned that the U.S. had only four years of oil remaining. Forty years later, in 1914, when oil still hadn’t run out, the federal government said the U.S. had only a ten-year supply remaining. In 1940, the government announced that reserves would be depleted within a decade and a half.
An article published on August 3, 1966, reported that “a geologist stuck a figurative dipstick into the United States’ oil supplies Tuesday and estimated that the country may be dry in 10 years,” placing the projected date of U.S. exhaustion at 1976. The most widely cited doomsday prediction came in 1972, when the Club of Rome’s Limits to Growth report calculated that global petroleum reserves, growing at then-current consumption rates, would be exhausted within 20 years, implying oil would run out by 1992.
For the past several decades, the claim that oil will run out has been used to promote the green energy transition, framing the use of solar and wind power as necessary to preserve human life. However, the people and institutions promoting the “oil is running out” narrative are the same people and institutions advancing the climate crisis narrative. As with other forms of propaganda, new vocabulary had to be invented, including the term “peak oil.
Peak oil is the theory that global oil production rises to a maximum point and then declines irreversibly as a finite resource is depleted. Yale Environment 360 reported that Rystad Energy expects natural gas production to peak and decline as renewables take over, and that the International Energy Agency (IEA) in 2021 called on oil companies to immediately end oil prospecting and pull back on production as part of a net-zero pathway explicitly grounded in the “peak oil” framing.
The context of the Yale report, and the peak oil claim in general, is somewhat dishonest. If they really believed the world was running out of oil, they wouldn’t need to warn anyone or demand that we stop looking for or producing oil. Instead, they could simply wait ten or twenty years, or whatever the latest prediction is, until oil runs out naturally. At that point, the world would transition to green energy out of necessity, and the climate advocates would win. The fact that they continue pushing the issue suggests they don’t really believe oil is running out.
A Cambridge University Press academic text states plainly that the peak oil belief is a myth, “at least for the next decades,” and warns that peak oil framing can backfire on climate advocates because the oil industry echoes the peak oil argument to convince governments to approve, and even assist with, new fossil fuel projects whenever prices spike. Effectively, the article presents circular logic. It suggests that the peak oil argument should be abandoned to prevent the oil industry from drilling for new oil, which would prevent the world from running out of oil.
All of the peak oil predictions had a common flaw: they made straight-line mathematical projections, assuming that no alternatives or solutions would be found. Each treated known reserves and existing extraction methods as fixed, when, in practice, both variables continued to change simultaneously.
Hellbound and Down 