Helping America Navigate a New Energy Reality

Oil Discovery

If oil discoveries were still increasing, then the peak would move forward. But global oil discovery peaked in the late 1960s, as shown in the following chart.

Source: Colin Campbell,

Since the mid-1980s, the world has used more oil than it has found. The world now discovers 10 – 15 billion barrels of new oil a year, but consumes 31 billion barrels.