Critics point out that Hubbert left two key elements out of his analysis— technological progress and price. “Hubbert was imaginative and innovative in his use of mathematics in his projection,’ recalled Peter Rose. “But there was no concept of technological change, economics, or how new resource plays evolve. It was a very static view of the world.”

Daniel Yergin, The quest: Energy, security and the remaking of the modern world, New York, 2011, p. 250