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JAN 16, 2013 - Business Insider

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BP Chief: Peak Oil Theories Are 'Increasingly Groundless'

Warnings that the world is headed for "peak oil" – when oil supplies decline after reaching the highest rates of extraction – appear "increasingly groundless," BP's chief executive said on Wednesday. Bob Dudley's remarks came as the company published a study predicting oil production will increase substantially, and that unconventional and high-carbon oil will make up all of the increase in global oil supply to the end of this decade, with the explosive growth of shale oil in the US behind much of the growth. As a result, the oil and gas company forecasts that carbon dioxide ... Read More

Tags: BP Chief: Peak Oil Theories Are 'Increasingly Groundless',  Biofuels Latest News