In 1956, geologist and Shell Oil researcher Marion King Hubbert delivered a speech that has shaped world energy debates ever since.

Addressing the American Petroleum Institute, Hubbert dropped a bombshell on his audience: U.S. oil production would peak by 1970 and decline steadily thereafter. World production would follow the same fate, reaching its peak soon after the turn of the millennium. In battles stretching over decades, Hubbert defended his forecasts against opponents from both the oil industry and government.

Hubbert was proved largely correct during the energy crises...