Depending on who you listen to, Peak Oil has either occurred (2005 and 2008 are the competing years) or it is yet to occur. OPEC has been firmly in the 'yet to occur' camp, with many statements suggesting that it will be a very long time before we need to be concerned. Not so fast my desert dwelling cousins. Not so fast.
The petroleum professors over at Kuwait University have written about a model they conceived, which they claim to be accurate and concludes that world oil production will peak in 2014. That's world oil production. OPEC production will peak in 2026.
I'll let the experts duke this one out, but the fact that the local homeboys have come to this conclusion should cause us all to prick up our ears. Whether it is in the rearview mirror or dead ahead no longer matters. Peak Oil is no theory and it is coming to a gas tank near you real soon.