In 1956 M. King Hubbert, a well known petroleum geophysicist, successfully predicted the peak of US Oil Production would occur in 1970, which it did, leading to the "energy crisis" of the 70's and 80's

He also predicted that Global Oil production would peak sometime soon after 2000.

Taking the 1973 and 1979 oil shocks (which reduced consumption and delayed the peak) into account, it seems M. King was right again. Global Oil production is peaking, or nearly peaking now. However, unlike the US, the world has no foreign suppliers to which it can look for more oil.

In 1970 US oil production peaked and went into slow decline. US oil demand continued to grow, leading to the first energy crisis. In late 2005, or early 2006 global oil production will peak and begin it's slow decline. Global demand for oil continues to grow rapidly.

The supply of oil in the ground is not infinite, someday annual world crude oil production has to reach a peak and start to decline. It is my opinion that the peak will occur in late 2005 or in the first few months of 2006. I nominate Thanksgiving Day, 11/24/2005, as World Oil Peak Day. There is a reason for selecting Thanksgiving. We can pause and give thanks for the years from 1901 to 2005 when abundant oil and natural gas fueled enormous changes in our society. At the same time, we have to face up to reality: World Oil Production is going to decline, slowly at first, and then more rapidly.
- Kenneth S. Deffeyes

I don't think there is one [a solution to the oil
crisis]. The solution is to pray. Under the best of
circumstances, if all prayers are answered there will be no crisis for maybe two years. After that it's a certainty.
-Matthew Simmons

We are climbing up a down escalator, [trying to keepup with global oil demand]
-Thomas Petrie petroleum investment analyst

The crisis is very, very near. World War III has
started. It has already affected every single citizen of the Middle East. Soon it will spill over to affect every single citizen of the world.
-Ali Samsam Bakhtiari, the vice- president of the
Iranian National Oil Company

My father rode a camel. I drive a car. My son flies a jet airplane. His son will ride a camel.
-popular saying in Saudi Arabia

We are almost through the age of oil. It will be just a blip on the long progression of mankind. The question is: what kind of future do we bequeath to our grandchildren?
-U.S. Representative Roscoe Bartlett (R-MD)

It is past time. As I have said, the experts and
politicians have no Plan B to fall back on. If energy peaks, particularly while 5 of the world's 6.5 billion people have little or no use of modern energy, it will be a tremendous jolt to our economic well-being and to our health.greater than anyone could ever imagine.
- Matthew Simmons