Countries that are reliant on oil face uncertainty as renewable energy gain ground
BY: Paul Cochrane PEJOURNAL - The theory of peak oil, whereby the cost of extraction would exceed how much consumers were willing to pay while demand outstripped supply, was first floated more than 60 years ago. Oil production, geologist M King Hubbert predicted, would peak by the turn of the millennium. That didn’t happen - but the spectre of peak oil raised its head again in the mid-2000s, in part pushed by Matthew Simmons’ book Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy. Simmons argued that Saudi Arabia had inflated its colossal oil reserves - a…