Welcome to Peak Oil - The Cincinnati Post:
Welcome to Peak Oil -- the point in time when a nation or the entire world passes the point of maximum oil production. This happened in the United States in the early 1970s, and today the U.S. produces about one-third of the oil it did then. Peak Oil has come and gone in Venezuela, Libya and Indonesia. But still, there is plenty of oil in the Middle East, right? You would think so, but even the Saudis are hedging, according to a recent New York Times article.
Some energy analysts believe we are witnessing the global peak right now. The most optimistic ones think it might still be 20 or 30 years away, and then production will begin a slow decline lasting the rest of this century until all the recoverable oil is pretty much gone. Some are confident that higher fuel prices will finance the new technology needed to coax difficult-to-extract supplies from the earth. But then we will have, well -- higher fuel prices."