Skepticblog » News from the oil patch

http://www.skepticblog.org/2012/05/02/news-from-the-oil-patch/#more-17534

To summarize: the era of cheap, easily obtained, abundant oil is over,
and oil will soon become scarce despite more and more costly efforts
to squeeze out every last drop from more and more "unconventional"
sources. The fact that Hubbert's model exactly predicted the U.S. oil
peak, and seems to be predicting the global peak, should be strong
enough evidence in and of itself. There is also the fact that the peak
of discovery of major oil fields occurred 47 years ago, and there have
been no giant oil fields found in a long time, and most of the world's
older oil fields are nearing their ends
---SPSmith