I'm not pissed that I just paid $4.19/gallon. I think we'll look back on that as being a bargain.
The major oil producing countries are running full steam. There's just not much out there in terms of increasing production. Last week, Russia posted a decline in production for the first time in a decade, stating that they've likely peaked, and they are one of the world's largest producers and exporters of crude. The Saudi's will not increase production, stating the market is well-supplied. I'm not sure what market they are tracking. My inkling is that they simply can't increase production.
As for oil production: Cantarell, Mexico's largest field, is in decline. The North Sea is in decline. The U.S. has been in decline since 1970...the list goes on. The tar sands take extensive amounts of energy and water infusion to extract the oil from. There just isn't any more easy oil out there, and it will therefore continue to become more expensive and scarcer. If there were any more easy oil do you really think the oil companies would be going to the tar sands and deep water?
We'll never run out of oil, we'll just get to a point where we can't increase production any more, then start declining year-after-year. And it looks like we're right at the doorstep.
Peak oil - Wikipedia, the free encyclopedia Hirsch report - Wikipedia, the free encyclopedia Peak Oil Review -- April 21st, 2008 | IBT Commodities & Futures Former CEO of Talisman Energy: Peak oil is 'here or hereabouts' | EnergyBulletin.net | Peak Oil News Clearinghouse EVWORLD FEATURE: Saudi King's Quiet Bombshell: Peak Oil | Saudi Arabia | Kind Abdullah Oil numbers - Paul Krugman - Op-Ed Columnist - New York Times Blog
I usually don't want to be wrong about things, but in this case I do. I really hope I, and anyone else who is aware of this, is wrong.