This is what Peak Oil looks like
By Bill Wolfe
Demand growing. Supply shrinking - Get used to higher prices
Although I think they got the story wrong (i.e. by attributing the problem more to underinvestment in exploration and political restrictions on access to supplies, than to a decline in recoverable supply, or peak oil), according to the NY Times business page:
"In 1994, the top five oil companies spent 3 percent of their free cash on share buybacks and 15 percent on exploration. By 2007, they were spending 34 percent of their free cash on buybacks -- in effect, propping up their share prices -- and a mere 6 percent on exploration, according to figures compiled by a team led by Ms. Jaffe and Ronald Soligo of Rice University. As a result, some experts warn that supplies will fall short of the demand over the next decade, perhaps sending prices well above today's levels.
At a recent conference in Madrid, Christophe de Margerie, the chief executive of the French company Total, said the world would be hard-pressed to raise supplies beyond 95 million barrels a day by 2020. Only a few years ago, forecasters expected 120 million barrels a day by 2030, a level many analysts now view as unrealistic."