What is the Peak Oil theory of value?

Exxon Mobil Australia's CEO Mark Nolan recently stated that 'there is no Peak Oil theory of value'. Was he right? And what exactly is a Peak Oil theory of value anyway?

"NONE OF US can go a little way with a theory," wrote John Henry Cardinal Newman (1801-1890) in his book Essays Critical & Historical. "When it once possesses us, we are no longer our own masters. It makes us speak its words, and do violence to our nature."

What is theory?

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