Peak Oil reached on December 16th
Peak Oil is the point at which the amount of oil being extracted on an annual basis reaches its maximum. This is believed to coincide with the point at which 50% of the world's oil has been extracted from the ground and 50% remains. Because the demand for oil is at its highest point since oil use started, this means that after peak oil is reached, the scarcity and price of oil will rise sharply. A slashdot post summarized the basic research reported by Kenneth Deffeyes:
Of note is the fact that Professor Deffeyes is using Hubbert's Method tp predict world peak oil. M. King Hubbert, a Shell employee, predicted in 1956 that U.S. peak oil would be reached in the early 1970s. The actual U.S. peak was reached in 1970. Subsequently, Hubbert's methods were subject to public scrutiny and peer analysis. His methods are expected to be very applicable and accurate at calculating world peak oil as well.