Oil prices likely to remain at current levels through 04 - February 01, 2004 - Petroleum News
"Peak oil production occurs when supply will not meet demand, Herrera said. As the world gets closer to peak oil production, cracks and groans will begin to appear in the energy supply system.
Peak oil production will be a world changing, but not a world-shattering, event.
It will probably take a year or two to recognize that a peak has occurred, Herrera said. It won't be a disaster, but it's irreversible, and if that's not incentive to do something about it, I don't know what is.
The coming of the point of peak production is hard to pinpoint.
Careful and calculated attempts have been made to predict the timetable of peak oil production, but no general consensus has been reached, Herrera said. It's a bit like explaining climate change and what causes it.
I would suspect we will reach peak oil production in the next decade, he said."