This fact has been known for some time, and was first predicted by the pioneering oil geologist M. King Hubbert in 1953. Using his knowledge of the history of non-renewable resources (which show a “bell curve” history of production, from their initial log growth phase to an equally rapid decline as the easily obtained resources vanish), plus his deep understanding of the amount and nature of oil reserves. he predicted that U.S. oil production would reach a peak in the early 1970s—and his prediction came true in 1971. Since then, U.S. oil production has steadily declined as fewer and fewer large fields were found, and older fields have been used up.
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As the Time magazine article pointed out, now they’re spending most of their time and money on increasingly risky and expensive operations like fracking, pumping water in old fields to push out the last drops of oil, or mining oil sands with all their environmental costs. The biggest push is in offshore oil platforms—and the 2010 Gulf oil disaster (along with previous oil disasters on platforms around the world) shows just how risky it is to drill so far offshore.
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To summarize: the era of cheap, easily obtained, abundant oil is over, and oil will soon become scarce despite more and more costly efforts to squeeze out every last drop from more and more “unconventional” sources. The fact that Hubbert’s model exactly predicted the U.S. oil peak, and seems to be predicting the global peak, should be strong enough evidence in and of itself. There is also the fact that the peak of discovery of major oil fields occurred 47 years ago, and there have been no giant oil fields found in a long time, and most of the world’s older oil fields are nearing their ends. There are no polls that show just how many qualified experts (geologists and geological engineers within and close to the oil industry) accept the concept of peak oil and the end of cheap abundant oil, but a lot of oil experts are on the record as supporting it, including a number of oil geologists and executives. My many friends in the oil business almost all tell me that “peak oil” is widely accepted among their colleagues, and they have long been forced to work with extraordinarily difficult exploration problems because there are no easy oil fields any more.
