King Hubbert: A Pioneer of a Different Kind

Abstract

In 1950, world oil production stood at 10 million barrels a day (Mb/d), but within 20 years, it had risen to 45 Mb/d, a staggering near fivefold increase. It was in this environment that M. King Hubbert delivered a lecture that challenged the optimism that prevailed at the time in the oil industry. Although it may seem to be a golden epoch for the oil companies, there were darkening shadows about the future of the industry. The rapid growth was in a sense a reaction to a new uncertainty and insecurity. The companies had no intrinsic reason to flood the world with cheap oil, which, had they been assured of their future, would have been contrary to their long-term interests. The nationalization of the oil industry in the Soviet Union in 1928 and in Mexico 10 years later was only a ripple compared to the storm that was in formation.