This is an interesting site
http://www.abc.net.au/science/expert...il/default.htm
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Quote:
A: 'Peak Oil' is that conceptual point in time beyond which the rate of oil production starts (and continues) to fall no matter how much money or effort is spent on finding new reserves. The fall need not be dramatic. We could stay close to plateau production for many years depending on improved recovery techniques and our ability to cost-effectively find new, smaller, fields.
There is continuing debate around the world as to whether global oil production has peaked already or is close to peaking. What is clear is that, for a variety of reasons, global exploration efforts have not succeeded in finding, and bringing into production, enough oil to replace that extracted over the past few years.
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Also Shaking out the last drops in the barel
http://www.abc.net.au/science/news/stories/s1674474.htm
