Peak oil - when?

Almost everyone knows, deep down, that the amount of oil on the Earth is finite. The question is when it will run out. Actually we'll have a problem, economically speaking, long before it actually runs out, because the price of oil will skyrocket, and like it or not our economy, as things stand now, is heavily dependent on the stuff. From an environmental point of view this would be a good thing, because it would virtually force us to reduce our CO₂ emissions, but the transition will be tough on a lot of people.

Given this, one would hope that the experts have reliable information. After all, if we have an idea when oil production will peak, we can plan ahead for it and work to reduce our dependency. So how reliable is the information that they have?

The debate has intensified in recent weeks after whistleblowers claimed the IEA figures were unreliable and subject to political manipulation – something the agency categorically denies. But the subject of oil reserves touches not just energy and climate change policy but the wider economic scene, because hydrocarbons still oil the wheels of international trade.

Even the Paris-based IEA admits that the world still needs to find the equivalent of four new Saudi Arabias to feed increasing demand at a time when the depletion rate in old fields of the North Sea and other major producing areas is running at 7% year on year.

From the Guardian. We'll have to see where this goes; if the peak comes when the experts aren't prepared, things could get rather ugly.