The End of Oil?: "If the actions—rather than the words—of the oil business’s major players provide the best gauge of how they see the future, then ponder the following. Crude oil prices have doubled since 2001, but oil companies have increased their budgets for exploring new oil fields by only a small fraction. Likewise, U.S. refineries are working close to capacity, yet no new refinery has been constructed since 1976. And oil tankers are fully booked, but outdated ships are being decommissioned faster than new ones are being built."

"In 1969, the prominent geologist M. King Hubbert predicted that a graph of world oil production over time would look like a bell curve, with a peak around the year 2000. Thereafter, he argued, production would drop—slowly at first, then ever faster."

The End of Oil?: "If the actions—rather than the words—of the oil business’s major players provide the best gauge of how they see the future, then ponder the following. Crude oil prices have doubled since 2001, but oil companies have increased their budgets for exploring new oil fields by only a small fraction. Likewise, U.S. refineries are working close to capacity, yet no new refinery has been constructed since 1976. And oil tankers are fully booked, but outdated ships are being decommissioned faster than new ones are being built."

"In 1969, the prominent geologist M. King Hubbert predicted that a graph of world oil production over time would look like a bell curve, with a peak around the year 2000. Thereafter, he argued, production would drop—slowly at first, then ever faster."