While casually drifting on the Info Hiway, I ran across a few articles that made me sit up and think peak oil is nothing but a side issue.
First, here's a quote In 1924, President Coolidge wrote in 1924 ...
“... the supremacy of nations may be determined by the possession of available petroleum and its products ...”
From what I read, by the 1910s, the United States was pumping between 60 and 70 percent of the world's oil supply from our own backyard ... Texas. It wasn't too long before people began to think US oil reserves were dangerously depleted, so the search for new oil reserves turned worldwide. However, those fears ended in 1924, with the discovery of enormous new oil fields in Texas, Oklahoma, and California. Along with other finds from new fields in Mexico, the Soviet Union, and Venezuela, all combined to drastically depress oil prices. In fact, there was so much oil on the market, the price for crude fell to 10 cents a barrel.