So they go and drill somewhere else. But I think most of the lowlying fruit is pretty well picked. Sure, new fields will be discovered, maybe even a few bonanza finds, but c'mon, face it, we're headed for a real disaster.
"Peak oil" theorists posit that global production is at or near its historic ceiling and will begin a long, inexorable decline. They worry that America is not ready for the downturn, for skyrocketing prices and even shortages.
That quote comes from a story about a bonafide Billionaire oil tycoon. He's worried because he's been paying attention by reading everything he can get his hands on. We know that fossil fuels are a finite resource but the need for energy is not. More people are becoming dependent on oil, like China, and our oilfields are playing out. We need to begin a national strategy now or face catastrophic economic chaos in the very near future. T. Boone Pickens, legendary oilman recently claimed he felt we are at Peak oil now. Some say by 2010 and others say Peak oil will occur about 2035. The sooner we act, say experts, and non-experts like me, the better the transition will be and less disruptive. We will have to change. Look at the fuel gauge on the dash. We don't want to run out of gas with no money in our pockets.