BPF Says the World Has Plentiful Oil Reserves

Oil shortage or no oil shortage? That is the question and there seem to be many answers depending upon whom you ask. For the Director General of the British Plastics Federation, there could be plenty of resources for the next 200 years. And according to one environmental analyst, with improving technologies, companies are able to extract more oil from existing wells than they were over 30 years ago. Then there is Hubbert’s Peak Theory, which accurately predicted that oil production would peak in the 1970s and then gradually decline . . . does that mean it’s really in decline or are we just being more efficient with our use of oil?

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