The continual discovery of new oil reserves has made a lie out of the dire predictions of peak oiland depleting fossil fuels that have surfaced over recent decades.
The notion of peak oil – that is, that we have already discovered the bulk of global oil reserves and have reached the maximum rate of oil extraction – does not stack up when new reserves are constantly being found. The BP Statistical Review of World Energy June 2017 shows that total proved oil reserves at the end of…