Source: peakoil.ie
Worldwide oil & gas production is peaking...
Our economy was built on the assumption of ongoing cheap oil. Today accounts for about 43% of the world's fuel consumption, and 95% of energy used for transportation.
This model is now clearly broken.
Since the mid-1980s, oil companies have been finding less oil each year, despite significant advances in oil exploration & production technology. This effect is called "peak oil." The EIA supports this finding.
54 of the 65 largest oil producing countries have passed their peak of production and are now in decline, including the USA - declining since 1971.
Notable scientists & economists have produced many independent studies, starting with Dr. Hubbert in 1956 and more recently the Association for the Study of Peak Oil and Gas (ASPO).
Source: peakoil.ie Gboe = Billions of barrels of oil equivalents
ASPO's model suggests that oil & gas production is expected to peak around 2010. Other researchers predict earlier peaks including Kenneth Deffeyes and UK Petroleum Review editor Chris Skrebowski's Oilfields Megaproject, and energy banker Matthew Simmons' analysis of Saudi Arabian oil fields.
The US Dept. of Energy study on Peak Oil was released in 2006 titled “Peaking of World Oil Production: Impacts, Mitigation and Risk Management”. It is known commonly as the Hirsch Report after its author Robert L. Hirsch. In the report, Hirsch assumes the U.S. must double its vehicular fuel efficiency in 8 years.