Oil and Natural Gas Production

This is an incredible graph, presented at the 2010 World Energy Outlook.

This graph represents only two fossil fuels, oil and natural gas. The bottom three shaded areas all concern various aspects of oil production: a) currently producing oilfields; b) development of known oil fields; and, c) development of oil fields yet to be discovered. Even with all three oil entities, total oil production levels off in the out years. The moratorium in the Gulf of Mexico affects both current production and development of new fields.

The Chesapeake Corporation has stated there are no more large oil (or gas) fields to be discovered in North America.

This is another fascinating graph depicting likely crude oil production over the next five years (within my investing lifetime).

On another note, just how reliable / credible is the statement often made by the Saudis? Read the author's four propositions for interpreting this graph.