The idea of oil supply peaking, or so-called peak oil, surfaced as early as the 1880s, with some predicting a looming exhaustion in the US due to the demise of the Pennsylvania oil fields.

Throughout history, repeated predictions of peak oil supply have repeatedly been moved further into the future, and at ever-higher levels.

In 2024, oil supply continues to expand, driven by improved economics and continuous advancements in technology that have helped lower costs, open up new frontiers and add new reserves. Moreover, there are no concerns about the available resource base, which is large enough for this century and beyond.

Ultimately, peak oil supply has never come to pass, and predictions of peak oil demand are following a similar trend. Time and again, oil has defied expectations regarding peaks. Logic and history suggest that it will continue to do so.

Note: “Logic”?