Or do you believe an organization which for decades tightly controlled the price of oil is now content to let it skyrocket to record highs while they sit by and do nothing? OPEC would raise production if there was any production left to raise. I'd say its pretty certain we're now well past peak oil. The last I recall we're still seeing very small increases in total liquids(which includes, ethanol, biofuels, etc). That's all just a shell game though unless someone can get a technology with a serious energy return on investment
Its going to be quite interesting to see how we deal with this. Worst case scenario is we go back to the stone age (not quite...), best case is someone pulls a magic energy pony out of their hat, because there is literally nothing out there right now that could ramp up energy production in time to meet what's likely to become a drastic shortage of oil. Read this if you'd like a sobering explanation of what I mean by "magic energy pony"
