If anything explains the problem we face in oil, it is this graph.
Notice how the peak of oil production doesn’t really go down that fast. We took 150 years to get here, and the oil we extract isn’t going to decline that fast either. In 2030 we will probably have as much oil as we had in the 80’s.
Of course, people flew around the world a lot less then. And there were less of us.
But even more worrying, is that the remaining oil exporting nations are still growing in their use. And as oil prices rise, their economies will improve. So they will use more oil, even as they produce less.
So, the oil that remains for the rest of us is going to decrease dramatically. And its price will rise.