ABSTRACT
Peak-Oil as a concept was coined in 2002, when Collin Campbell and Kjell Aleklett founded the Association of the Study of Peak-Oil (ASPO). 2 Its early members used a curve-fitting method developed by fellow petroleum geologist K. Hubbert to forecast future oil production (e.g. Aleklett and Campbell, 2003; Campbell and Laherrère, 1998). In the mid-twentieth century, Hubbert empirically discovered that the maximum extraction rate of crude oil from the wells of a region follows a bell-shaped (Hubbert) curve, due to geological constraints. Hubbert applied his findings to forecast conventional oil extraction for the United States of America (USA) and globally.
