What is Peak oil?

"The term Peak Oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite natural resource, subject to depletion."

--Colin Campbell

Oil Production peaked in July 2008

The US international energy agency (IEA) believe that oil production peaked at just under 75 million barrels of oil per day in July 2008 (87.9 mbd if liquid natural gas is included). Future deliveries from even the most promising recent finds and untapped fields including US outer continental shelf, Alaska (Wildlife reserve), Brazil (Santos Basin), Canada (Tar Sands) and Iraq will not offset the rapid decline being experienced by particularly the non-OPEC producing countries. In fact production dates and peak outputs from new sources are being revised down and forecast to come on stream later due to delays in investment and in Iraq's case the lack of legal certainty over title. Relentless falling oil production will inevitability lead to an explosion in the price of oil and all its dependant products, including most worryingly food. In addition control over dwindling energy supplies is a foreseeable source of serious international tensions.

Colin Campbell predicts credit crunch due to peak oil in 2005

Colin Campbell on Youtube

Further Reading

Association for the study of Peak oil and Gas is a network of scientists and others, having an interest in determining the date and impact of the peak and decline of the world's production of oil and gas, due to resource constraints.
www.peakoil.net