In 2001, my first oil book predicted that world oil production would peak in the year 2005. The most recent data from the Energy Information Agency say that it happened! Even with the extreme spike in oil prices, the year 2008 produced less oil than 2005. Production for the first half of 2009 is even lower. The invisible hand of economics has become the invisible fist; pounding the world economy down to match the reduced oil supply. more...