Do High Petroleum Prices Mean We’ve Reached ‘Peak Oil’?

With the cost of crude oil surging to record highs, a heated battle of blame is in full swing, with a lineup of suspects that includes the oil industry, Congress, commodity speculators, environmentalists and developing countries in Asia.

Meanwhile, predictions that we’ve reached a peak in oil production or will very soon

The problem is, nobody really knows how much oil is down there. The only thing that’s certain: Dead organisms produced a limited amount of oil long ago, and eventually there won’t be enough to sustain the current rate of consumption.

Further complicating matters, global consumption is spiking.

FOX News