[Colinsky]

I have heard ever since I was a kid back in the 50’s that we were going to run out of oil.

Before the first U.S. oil well was drilled in Pennsylvania in 1859, petroleum supplies were limited to crude oil that oozed to the surface.

In 1855, an advertisement for Kier’s Rock Oil advised consumers to “hurry, before this wonderful product is depleted from Nature’s laboratory."

In 1874, the state geologist of Pennsylvania, the nation’s leading oil- producing state, estimated that only enough U.S. oil remained to keep the nation’s kerosene lamps burning for four years.

In May 1920, the U.S. Geological Survey announced that the world’s total endowment of oil amounted to 60 billion barrels.

In 1950, geologists estimated the world’s total oil endowment at around 600 billion barrels.

From 1970 through today, their estimates increased to between 1,500 and 2,000 billion barrels.

http://www.ncpa.org/pdfs/bg159.pdf

So, we've been running out of oil for almost 150 years.

[Parmy]

Paul Harvey had a radio program on this subject years ago. Initially that nearly every 5 years some expert has emphatically stated that oil was going to runout.

[aquila48]

It’s much more likely that we’ll have peak oil prices than peak oil.

In fact we may have already had peak oil prices.