This doesn't mean that we're running out of oil. But it does mean that we are running out of cheap pumpable oil. Like anything else in our daily lives, the stuff closest at hand is what we use first. But that is also the stuff we are going to run out of first. The world's petroleum estimate is an addition of the contributions and reserves of all the producing countries.
Different nations vary in their stage of production.
Britain, and others have years to go . . . According to world renown geologist, Dr. Colin Campbell, global oil production has peaked or will within the next few years. Very, very few prospects remain From the oil industry's perspective the U.S. is Swiss cheese. So, in spite of the wishful hopes of Cheney and Bush's big oil corporation campaign contributors, we are clearly headed into a world of increasing gasoline prices and oil scarcity. For political reasons, market speculation, or genuine conservation efforts, the cheap oil supply may fluctuate over the next several years but in an historically short time, supply will inevitably diminish.