Hubbert curve

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Main articles: Hubberts peak theory and Peak oil

The Hubbert curve projects the rate of oil production over time, and is the main component of Hubbert peak theory. It was first proposed by geophysicist M. King Hubbert in the mid 1950s during his tenure at the Shell Oil Company, and has gained a high degree of popularity in the scientific community for predicting the depletion of various natural resources, as well a prominence in peak oil discussions.

Basing his calculations on the peak of oil well discovery in 1948, Hubbert used his model in 1956 to accurately predict that oil production in the contiguous United States would peak around 1970.

1 Shape
2 Application
3 See also
4 External links

[edit] Shape

The Hubbert Curve is not a normal distribution curve but instead it is a logistic distribution curve, which can appear appear similar to each other. Some differences are that the density of a normal distribution approaches zero faster than a logistic distribution does. The Hubbert curve is the derivative of the logistic function:

$x = {e^{-t}\over(1+e^{-t})^2}={1\over2+2\cosh t}.$

The graph consists of three key elements:

an initial curve depicting a rise from zero production that then rises drastically as it follows the relatively steep slope of the logistic function;
a "Hubbert peak," representing the maximum of the mathematical function; and
the remaining curve as the function drops from the peak in the oil extraction rate and then follows a steep production decline.

[edit] Application

According to this model, the rate of oil production is determined by the rate of new oil well discovery^{[citation needed]}. The relative steepness of the projected rate of decline of the production curve is the main cause for concern about the economic and social impact of Peak Oil. This is because a steep drop in the production curve implies that global oil production will decline so rapidly that the world will not have enough time to develop sources of energy to replace the energy now used from oil.