. Oh well , better to get it out of my system There is a theory , based on Mr. king Hubbert that as the cheap and easy to extract oil field get depleted , the smallers and hard to reach fields are used , the rate of oil extraction will reach a maximum ,then decrease . It is not that were are going to suddenly run dry , simply that there will be a decreasing output , slowly at first , then faster ( ~ 5% a year ) This is totally accepted by the oil industry , the U.S. geological survey and the majors oil companies , the only point of contention is ..When a number of people are saying it is in fact happening now !! with demand increasing 2% a year and production flat at about 85 Millions Barrels day, there is a bidding war on top of some serious speculation , weak U.S.dollar and geopolitical grief. It has some very serious consequences for the wagging of modern war which is very energy intensive , the pentagon bill passing 13 billions last year the people in charge of the purchase and distribution are the Defence Energy Support Center http://www.desc.dla.mil/default.asp This coming shortage was foreseen by a number of oil industry professionals and a number of public figure , including the VP Dick Cheney There is no changing it , it's a geological fact . on the bright side it mean we don't have to worry too much about climate change , the reductions are going to happen naturally with a trebling of the bowser price . .