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QUESTION-TYPE BASED TESTS 
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recurring errors, which suggests that methodological mistakes (rather than just poor data) were the problem. 
In particular, he criticized forecasters who used Hubbert-style analysis for relying on fixed estimates of how 
much “ultimately recoverable" oil there really is below ground. That figure, he insists, is actually a dynamic 
one, as improvements in infrastructure, knowledge and technology raise the amount of oil which is 
recoverable. 
That points to what will probably determine whether the pessimists or the optimists are right: 
technological innovation. The first camp tends to be dismissive of claims of forthcoming technological 
revolutions in such areas as deep-water drilling and enhanced recovery. Dr Deffeyes captures this end-
oftechnology mindset well. He argues that because the industry has already spent billions on technology 
development, it makes it difficult to ask today for new technology, as most of the wheels have already been 
invented. 
Yet techno-optimists argue that the technological revolution in oil has only just begun. Average 
recovery rates (how much of the known oil in a reservoir can actually be brought to the surface) are still only 
around 30-35%. Industry optimists believe that new techniques on the drawing board today could lift that 
figure to 50-60% within a decade. 
Given the industry's astonishing track record of innovation, it may be foolish to bet against it. That is 
the result of adversity: the oil crisis of the 1970s forced Big Oil to develop reserves in expensive, 
inaccessible places such as the North Sea and Alaska, undermining Dr Hubbert's assumption that cheap 
reserves are developed first. The resulting upstream investments have driven down the cost of finding and 
developing wells over the last two decades from over $20 a barrel to around $6 a barrel. The cost of 
producing oil has fallen by half, to under $4 a barrel. 
Such miracles will not come cheap, however, since much of the world's oil is now produced in ageing 
fields that are rapidly declining. The IEA concludes that global oil production need not peak in the next two 
decades if the necessary investments are made. So how much is necessary? If oil companies are to 
replace the output lost at those ageing fields and meet the worlds ever-rising demand for oil, the agency 
reckons they must invest $1 trillion in l non-OPEC countries over the next decade alone. Ouch.