The Oil Drum, a website dedicated to peak oil news and discussion (if you don't know what "peak oil" is, you can read this primer), has a nice summary of arguments and analyses that tend to indicate that we are either on the peak of oil production or very close to it. The whole thing is really a must read, and each section contains links to more in depth articles, so there's quite a bit of reading material in there if the future of our energy supply interests you (and it should). To give you a better idea of what is covered, we'll reproduce the subtitles below. Just looking at those is enough to tell you that things are not going well.
- There's a very good chance claimed OPEC reserves are exaggerated.
- World production stopped increasing in late 2004.
- Decline rates of existing production are very high
- Hubbert Linearization points to peak oil
- At least one major oil company is warning us
- The price of oil keeps going up.
- There is no evidence of Saudi spare capacity
- There are geopolitical and climatic risks to the existing production level
The post is here: ::The Oil Drum: Why peak oil is probably about now
For more about peak oil: ::Peak Oil Report: Half of Kuwait Oil Reserves Disappear, ::Norwegian Peak Oil?, ::Canadian Oil: At What Price?, ::Peak Natural Gas, ::Grist Interviews Matthew Simmons on Peak Oil, ::Peak Oil – The Lessons of Y2K, ::See Peak Oil for Yourself