On March 8, 1956 Dr. M. King Hubbert predicted that oil production in the United States' "lower 48" states would crest between 1965 and 1971 and that global production would peak about the year 2000. The prediction proved right. In 1970, oil production in the lower 48 states reached its peak of 10.6 million barrels per day, and it never produced that much oil again. Looking over the span of 1930-2005 one observed that:
– In 1930, 10 billion barrels were discovered and 1.5 billion barrels were consumed.
– In 1964, 48 billion barrels were discovered and 12 billion barrels were consumed.
– In 1988, 23 billion barrels were discovered and 23 billion barrels were consumed.
– In 2005, 6 billion barrels were discovered and 30 billion barrels were consumed.
Source: Taylor, C. L. "Are you ready?" CSCMP's Supply Chain Quarterly, Quarter 2/2007.