Peak oil: Facts converge with theory

Last week, Ram Venkatachalam and Shanmuganathan N. compared four theories for predicting timing of peak oil, in Business Line - Peak oil: Facts converge with theory
The results are highly surprising in the sense that the four theories used different methodologies but all eventually concluded that the oil peak will be between 2005-2010. The authors also analyzed the total crude oil production and the empirical data also shows that oil production peaked in May 2005 at 74.27 mbpd and has reduced by about 1.2 mbpd to 73.06 mbpd in May 2007.

If all the theories can lead us to approximately same results and if we accept the results based on empirical facts then we have indeed reached the peak of oil production (take away 10-15 years) and crude oil price will increase further in near future.