<p>Here I describe some interesting new research on modifying Hubbert's model of peak oil to take into account the incentives for additional production that higher oil prices would be expected to bring.</p>
<p>The IMF research should help raise awareness of an issue that remains underappreciated by many economists, which is that we will eventually reach a point, and may have already, at which quite significant increases in price and improvements in technology can produce only modest increases in production, or may be insufficient to prevent outright declines in annual crude oil production levels.</p>
<p><a href="http://www.energybulletin.net/stories/2012-06-15/modifying-hubbert%E2%80%99s-model-peak-oil-account-rise-production-due-higher-prices">read more</a></p>