"Peak Oil" Occurred in 2008?

"World oil production peaked in 2008 at 81.73 million barrels/day (mbd) shown in the chart below. This oil definition includes crude oil, lease condensate, oil sands and natural gas plant liquids. If natural gas plant liquids are excluded, then the production peak remains in 2008 but at 73.79 mbd. However, if oil sands are also excluded then crude oil and lease condensate production peaked in 2005 at 72.75 mbd. The US Energy Information Administration (EIA) and the International Energy Agency (IEA) should make official statements about declining world oil production to renew the focus on oil conservation and alternative energy sources.

Peak oil production often occurs when about half of the initial recoverable oil reserves are produced. In the US, production from the lower 48 states peaked in 1970 when 52% of the oil reserves were produced. In this forecast of crude and condensate, the peak production occurred in 2005 which coincidentally happened when 52% of world crude and condensate reserves were produced. If Campbell's world reserves estimates are used then 49% of world oil reserves would have been produced in 2005. The discovery of future oil reserves will decrease these percentages and will also help to slow the production decline rate."

- http://www.theoildrum.com/node/5177

You should understand what this means, and what the consequences are...