Peak oil a myth, claims geoscientist
Predictions that oil production will peak in a few years' time and then taper off have been dismissed by a leading geoscientist.
Dr Peter McCabe, from the CSIRO, says predictions of a peak oil phenomenon date back to the 1920s but are no more relevant today than they were then.
He claims it's geopolitical problems in oil-producing countries such as Nigeria and Venezuela that's pushing up oil prices, rather than dwindling supply.
Dr McCabe was a member of the US Geological Survey Assessment of global oil supplies, and says the figures show oil will last for many decades to come.
"We have produced about 35 per cent of the world's conventional oil, and we are producing about one per cent of that oil per year, so we have about 65 years left of producing at the current level of world production."