Peak Oil is the theoretical point when global oil production will have been reached. According to some scientists, global oil production will begin an irreversible decline and less oil will be available with every passing year. Energy experts no longer debate about whether Hubbert's peak will occur, but when.
Global oil production will peak sometime between 2008 and 2018 and then decline, according to a controversial new model developed Swedish University of Uppsalla physicist Fredrik Robelius.
Additional oil resources
Michael Lynch, president of Strategic Energy & Economic Research, an energy consultancy firm, says "Not much can be said about additional oil resources because we haven't really started looking for them yet."  There is likely to be a lot of oil in as-yet undiscovered smaller fields.
New technologies could help solve extraction problems according to Sam Kazman of the Competitive Enterprise Institute, a non-profit public policy think tank in Washington, D.C. New technologies have already turned fields that once seemed to be dormant into steady supplies of oil.
Rejection of theory
Exxon's Australia chief, Mark Nolan, told an industry conference in Adelaide, Australia, that "the end of oil is nowhere in sight." Mr. Nolan cited a U.S. Geological Survey estimate of more than three trillion barrels of conventional recoverable oil resources, of which one trillion barrels has been produced. Conservative estimates of heavy-oil and shale-oil resources push the total to four trillion barrels, while a 10% increase in recoverability will deliver an extra 800 billion barrels according to Nolan.
Maybe not "Fossil Fuel"
Thomas Gold at Cornell University, assert that the sources of oil may not be “fossil fuels” in limited supply, but instead abiotic in nature (meaning not produced by a life process). According to Professor Gold, oil is produced by an abiogenic process, deep within the earth. The scientific community has not been eager to affirm this thesis. In fact, they tend to resist it. In 1992 Gold published a paper titled “The Deep Hot Biosphere.” In this paper he suggested that oil is non-biologically produced, deep within the earth. In other words, oil is not a fossil fuel. The Department of Energy refused to fund his research although both outcomes would have been good - If the research uncovered sources of oil that did not take millions of years to produce, it would be a bonanza for oil companies . If abiogenic petroleum sources are found to be abundant, it would mean Earth contains vast reserves of untapped petroleum. On the other hand, if his research failed, this research proposal will contribute strongly to fundamental science in petroleum engineering. So far, the DOE has refused to fund any of his research because it is counter to the mainstream effort.
- Ker Than Experts: Global Oil Production May Peak Soon April 28, 2006 Fox News
- Melinda Wenner Study: 'Peak Oil' Will Be Reached by 2018 April 18, 2007 Fox News
- Bhushan Bahree and Jeffrey Ball Some insiders reject 'peak-oil theory' September 14, 2006 Mail Tribune
- J. R. Nyquist Debunking Peak Oil May 8, 2006 Geopolitical.