From Carpe Diem:
We can recall a time when we were in undergraduate school and the nihilist, global-cooling, left-of-center environmentalist 'Malthusians' were telling us that the world would be out of crude oil by 1984.
This was, of course, sheer lunacy, but many fell for the thesis... the same people who argue for Peak Oil production.
We find Peak Oil comical for if we've learned anything in the past 40 years it is that more and more and yet more crude oil and natural gas are discovered every day using new technologies at each step.
To this end, we note that ExxonMobil reported that after having used a considerable sum of crude and other 'liquids' last year, it added another 1.8 billion barrels of 'proven' reserves to its balance sheet.
More on the energy sector: