Peak Oil

There was a little buzz around the net last week regarding "peak oil". The term refers to the point at which worldwide oil production will peak, which is currently predicted to happen in 2015. Jon Thompson, the president of ExxonMobil Exploration Company, says "In other words, by 2015, we will need to find, develop and produce a volume of new oil and gas that is equal to eight out of every 10 barrels being produced today".