In the quaint old days of the Aughts, the streets were clotted with peak oil prophets shouting that the end of civilization was nigh - the world's oil wells were fast running dry. Here's a 2007 representative quotation from a CNN report:
The world has reached the point of maximum oil output and production levels will halve by 2030 -- a situation that will eventually lead to war and disaster, a report claims.
What a difference a few years makes. The end is no longer nigh notes an item on future oil production in the winter issue of Harvard's Belfer Center newsletter:
Oil production capacity is surging in the United States and several other countries at such a fast pace that global oil output capacity is likely to grow by nearly 20 percent by 2020—possibly prompting a plunge or even a collapse in oil prices.