Peak oil means the point where oil production starts to fall ,and even if new oil fields are found the production does not go up, because usually they are too small. The last big discovery was in 1970 in Mexico the giant field Cantarell
From this site :
http://www.eia.doe.gov/iea/res.html it can be seen that there are 1.2 trillion barrels in estimate reserves, untouched oil. At our current rate of consumption of 80 million barrels/ day it will last some 40 years, without taking into account the rise in demand caused by India and China
A good site about peak oil is here :
http://www.lifeaftertheoilcrash.net/
A few images :
We do not need to wait 40 years, the price of oil will rise as soon as the oil production starts to fall, and everything will become to expensive , that means economies will suffer.
Most oil producing countries are past their peak in production, even Saudi Arabia does not seem to be able to increase production now.
In Canada there is a lot of oil but it's trapped in tar sands, very expensive to extract.
What does everybody think about the end of oil ? Myself I don't trust that other forms of energy will save us and I predict economic collapse, anarchy, end of the world, the worse scenario
