Originally Posted by dready

Yes, this is correct... BUT... this isn't the sweet, easy to get crude of the old days. Every year what is left is harder and costlier to get out. There is no such thing as a 'gusher' any more. Bigger and bigger pumps are needed to get what is left. Seawater has to be pumped in. All the easy oil is long gone. Canada has the largest reserves next to Saudi Arabia, but it is in the tar sands and is VERY expensive and ecologically harmful to extract. The world oil supply isn't some huge gas tank you can just open up.

Peak oil is here.