Fifty years ago, the world used about four billion barrels of oil a year, and the average new oilfield discovery was around 30 billion barrels.

Today, those numbers are roughly reversed. The last really big (30 billion barrel) find was Mexico's Cantarell field, way back in 1976.

What's worse, if we look at the top 65 oil-producing countries in the world, 54 of them are producing less oil than they were at their peak of production. I could go on with more statistics, but the point is this: Oil is a finite resource, and it's in decline. More here
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