Got a source for that?
“Got a source for that?”
http://en.wikipedia.org/wiki/Peak_oil
World crude oil demand grew an average of 1.76% per year from 1994 to 2006, with a high of 3.4% in 2003-2004. World demand for oil is projected to increase 37% over 2006 levels by 2030 (118 million barrels per day (18.8×106 m3/d) from 86 million barrels (13.7×106 m3)), due in large part to increases in demand from the transportation sector.[10][11]
Here are the numbers from Wikipedia on worldwide supply.
World oil production growth trends were flat from 2005 to 2008. According to a January 2007 International Energy Agency report, global supply (which includes biofuels, non-crude sources of petroleum, and use of strategic oil reserves, in addition to crude production) averaged 85.24 million barrels per day (13.552×106 m3/d) in 2006, up 0.76 million barrels per day (121×103 m3/d) (0.9%), from 2005.[65] Average yearly gains in global supply from 1987 to 2005 were 1.2 million barrels per day (190×103 m3/d) (1.7%).[65]
The IEA’s March 2008 Oil Market report showed global supply to be 87.5 mb/d, compared to 84.3 mb/d in July 2007, a 3.8% increase on that interval. The great bulk of the increase came in the non-OPEC sector, which now makes up 65% of global production.
Worldwide supply since 1987 has risen. World crude oil demand grew an average of 1.76% per year from 1994 to 2006, with a high of 3.4% in 2003-2004. Prices for gas in the U.S. have more than tripled since 2002.
While price is directly related to supply and demand, it’s not necessarily proportional. The dramatic increase in the price of oil since speculation in oil futures began, however, leads me to believe that this is more of a significant factor than anticipated demand. That doesn’t mean that anticipated demand is not a significant factor.