Submission + - Peak Oil to hit by 2012 (wsj.com)
Target Drone writes: Both Time and The Wall Street Journal are reporting that peak oil has either already arrived or will arrive as early as 2012. Peak oil is the point in time where smaller new discoveries are unable to offset declining production from older fields and we'll have to make due with ever declining oil production. Since 1980 we have been consuming more oil then we discover each year. Also, world oil production peaked at 85.5 million barrels per day in July 2006 and despite strong demand hasn't come close to this mark since.