Peak Oil Watch

I created these graphs myself based on data published, respectively, by the Energy Information Administration and the BP Statistical Review.







Note that oil prices began their steep rise in 2003 and crossed the $40 per barrel threshold in May, 2004, early in their eventual climb to the frightening levels of the past summer. If we look at what was going on in oil production, we see that production increased noticeably in 2003 and 2004 and then was effectively flat from 2005 through 2007, a period of robust world economic growth. Why?