More "Peak Oil"? First it was 1989, then a story a few weeks ago put it in the late 1990s. I saw one about a month ago that said it hadn't been met yet.
The 1949 figure was based on the known oil at the time. More oil has been discovered since, and more is being discovered (Dakotas and Brazil within the past few months).
But, the problem isn't with the oil companies.
Oil companies are getting a profit of 4% of what is charged. That 4% has to go to exploration, removal, transportation, as well as salaries.
The government tax (depending on the state) recieves anywhere from 8-20%.
http://cbs2chicago.com/politics/gas.....2.729939.html What services does that provide? Paying for more government services, among other things. And those other things have nothing to do with getting more oil out of the ground or performing any related services.
Oil is finite, but we have no other options ready on the table (nuclear, solar, geothermal, wind, etc). Until then, we need all the oil we can get, and at lower prices. To get that, we have to drill. We have to refine. We have to become more self sufficent.