Cambridge Energy Research Associates (CERA) reports that a new analysis concludes that the peak-oil theory is "a simplistic model based on flawed logic and incomplete data that has consistently produced inaccurate forecasts."

The study's author, Peter M. Jackson, CERA director of oil-industry activity, says the true challenges to future supplies are above-ground risks.

"Future global energy security is too critical to the global economy for superficial argument to replace careful analysis of the challenges, possible outcome and risks involved in meeting the liquid fuels needs of growing economies," he says.

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