If oil discoveries were still increasing, then the peak would move forward. But global oil discovery peaked in the late 1960s, as shown in the following chart.

Source: Colin Campbell, www.aspo-ireland.org

Since the mid-1980s, the world has used more oil than it has found. The world now discovers 10 – 15 billion barrels of new oil a year, but consumes 31 billion barrels.

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