Predicting the end of oil has proven tricky and often controversial, but Kuwaiti scientists now say that global oil production will peak in 2014. Their work represents an updated version of the famous Hubbert model, which correctly predicted in 1956 that U.S. oil reserves would peak within 20 years. Many researchers have since tried using the model to predict when worldwide oil production might peak. Some have said production already peaked. One earlier model by Swedish researchers suggested that oil would peak sometime between 2008 and 2018. And other researchers have argued there are decades to go before oil production goes into irreversible decline. The only thing they all agree on: Oil is a finite and very valuable resource. The issue’s profile was raised today with a new report projecting increased demand. After peaking above $130 a barrel in mid-2008, crude oil prices dipped to below $40 in early 2009 as global demand tanked amid the recession. Prices have been rising ever since and are above $80 now. Today, the International Energy Agency said it expects demand to resume the sort of growth that was common in recent years. Much of that growth has involved the modernizing […]