Editing Hubbert peak theory (section)

==Hubbert's peak==
"Hubbert's peak" can refer to the peaking of production in a particular area, which has now been observed for many fields and regions.

Hubbert's peak was thought to have been achieved in the United States contiguous 48 states (that is, excluding Alaska and Hawaii) in the early 1970s. Oil production peaked at {{convert|10.2|e6oilbbl|e6m3}} per day in 1970 and then declined over the subsequent 35 years in a pattern that closely followed the one predicted by Hubbert in the mid-1950s. However, beginning in the late 20th century, advances in extraction technology, particularly those that led to the extraction of [[tight oil]] and [[unconventional oil]] resulted in a large increase in U.S. oil production.  Thus, establishing a pattern that deviated drastically from the model predicted by Hubbert for the contiguous 48-states as a whole. Production from wells utilizing these advanced extraction techniques exhibit a rate of decline far greater than traditional means. In November 2017 the United States once again surpassed the 10 million barrel mark for the first time since 1970. <ref>{{Cite news|url=https://www.cnbc.com/2018/01/31/us-oil-production-tops-10-million-barrels-a-day-for-first-time-since-1970.html|title=US oil production tops 10 million barrels a day for first time since 1970|last=Domm|first=Patti|date=2018-01-31|work=CNBC|access-date=2018-04-30}}</ref>

[[Peak oil]] as a proper noun, or "Hubbert's peak" applied more generally, refers to a predicted event: the peak of the entire planet's oil production. After peak oil, according to the Hubbert Peak Theory, the rate of oil production on Earth would enter a terminal decline. Based on his theory, in a paper<ref name="Hubbert1956">Nuclear Energy and the Fossil Fuels, M.K. Hubbert, Presented before the Spring Meeting of the Southern District, American Petroleum Institute, Plaza Hotel, San Antonio, Texas, March 7–8–9, 1956 {{cite web |url=http://www.hubbertpeak.com/hubbert/1956/1956.pdf |title=Archived copy |access-date=2014-11-10 |url-status=dead |archive-url=https://web.archive.org/web/20080527233843/http://www.hubbertpeak.com/hubbert/1956/1956.pdf |archive-date=2008-05-27 }}</ref> he presented to the [[American Petroleum Institute]] in 1956, Hubbert correctly predicted that production of oil from conventional sources would peak in the continental United States around 1965–1970.  Hubbert further predicted a worldwide peak at "about half a century" from publication and approximately 12 gigabarrels (GB) a year in magnitude. In a 1976 TV interview<ref name="Hubbert1976">{{cite web|url=https://www.youtube.com/watch?v=ImV1voi41YY |title=1976 Hubbert Clip |date=6 March 2007 |publisher=YouTube |access-date=2013-11-03}}</ref> Hubbert added that the actions of [[OPEC]] might flatten the global production curve but this would only delay the peak for perhaps 10 years. The development of new technologies has provided access to large quantities of [[Unconventional (oil & gas) reservoir|unconventional resources]], and the boost in production has largely discounted Hubbert's prediction.{{Citation needed|date=October 2018}}