The “Peak Oil” theory surfaced recently during an event in Santa Barbara. Some people use this theory to argue against continued support for and development of our petroleum-based energy resources. I would like to share a few facts that may help put the issue in a more balanced perspective.

Peak Oil theorists usually neglect to mention that the Peak Oil theory is just that — a theory.

It is based on a belief the world has reached the point of maximum production of crude oil, and is used to predict painful and disruptive catastrophes as the world adjusts to the alleged decline of this critical source of energy.

Unfortunately, arguing about Peak Oil is like arguing about how many angels can dance on the head of a pin. It’s a theory that cannot be proved. Worse, those individuals who embrace the Peak Oil theory frequently also promote energy policies that can have costly and disruptive impacts on consumers and businesses.

In fact, until recently, the petroleum industry was prevented by U.S. policies from accessing much of the undiscovered, technically recoverable resources of more than 115 billion barrels of oil and 650 trillion cubic feet of natural gas estimated to be located on federal lands, much of it offshore. Whether those valuable energy resources will someday be available to American consumers remains in question.

Here’s what we do know about the world’s supply of petroleum-based energy: