Is ‘peak oil theory’ delayed by fracking?
About a decade ago, the theory of ‘peak oil’ stated that at some point in the near future, global oil production would peak, sending prices sky-high.
But since then, the discovery of vast shale oil and gas reserves – many of them in the US – has led some to question whether that point has been pushed back, or indeed, will ever happen?
Seth Kleinman, Global Head of Energy Strategy at Citigroup, explained his view that peak oil theory has been “very much delayed”.
Kjell Aleklett, president of the Association for the Study of Peak Oil and Gas, told Today business presenter Simon Jack the US are “lucky that they are in this position”, and “the question is whether Europe will be able to follow”.
“Peak oil is not the end of the world… it’s just that we have to reshape our society,” he added