Here is a really good article from the Los Angeles Times regarding the debate about whether we have reached the peak of the world's oil supply. One of the reasons the oil trading market has gone crazy driving up the cost of a barrel of oil and the cost of gasoline is this fear of future oil supplies.
Here is a good quote from the article:
Tyson Slocum, director of the energy program at Public Citizen, a Washington-based consumer group, doesn't care when the peak will come.
"We should be planning as though we're there," he said, "because from a national interest standpoint, from an economic standpoint and from an environmental standpoint, our dependence on oil, whether it comes from California or Saudi Arabia, is unsustainable."