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He concluded that production grows over time until it peaks when half of the existing recourses have been extracted, mid point depletion. At this stage production tends to decline at the same rate at which it grew. Hubbert developed the idea of the Hubbert curve. This bell shaped curve represents the symmetrical rise and fall behavior of oil production...
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Hubbert developed the idea of the Hubbert curve. This bell shaped curve represents the symmetrical rise and fall behavior of oil production. Hubbert believed that if an oil basin has been sufficiently explored, it is possible to reasonably forecast when it will achieve peak production and run out of oil (Burnham 22)...
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