View credits, reviews, tracks and shop for the File release of "Frackin' For Oil Single" on Discogs. View credits, reviews, tracks and shop for the File release of "Frackin' For Oil Erik Lima Remix" on Discogs. By observing past discoveries and production levels, and predicting future discovery trends, the geoscientist M. King Hubbert used statistical modelling in peak oil theory, a contention that conventional sources of crude oil, as of the early 21st century, either have already reached or are about to reach their. Peak oil refers to the hypothetical point at which global crude oil production will hit its maximum rate, after which production will start. Lacking an overarching theory of petroleum formation, early geologists had assumed that oil and gas deposits must be located in zones similar to those where oil. The peak oil hypothesis dominated economic thinking for decades. But it turned out that with fracking, deep-water drilling, and oil sands. 5 (LEFT) Hubbert's theoretical single-cycle growth curves for cumulative discoveries, production, and proved reserves (Hubbert, ). Fig. 6 . Galvanized by his work and strong personality, believers in the peak theory saw in Hubbert a prominent father-like figure  whose technocratic political ties. For the next ten years, McKelvey and Hubbert argued bitterly with each other over the extent of American petroleum reserves. By the mids,. Hubbert's theory.