My thoughts? We recently found a [LIFTED] load of oil in British waters in both the North Atlantic and near the Falkland Islands. As such, we're currently arguing with both Iceland and Argentina as to who gets what.

So basically, you're not bothered?

If its in British waters then we tell the to [LIFTED] off and remind them both, even with Browns and Blairs decimation of the Navy in the last 13 years we can still kick there puny navies

Not really, there's no shortage of it. By all means research alternatives, but we're nowhere near "crunch time" yet.

that long-term dependence on oil could have some nasty consequences for food prices and energy bills – does not seem such an outlandish one: more like common sense.

Bring on the apocalypse, I'm ready.

Actually I think peak production has probably already happened in 2007/8. Only the world slump stopped it being noticeable. The IEA have fiddled the oil reserve figures for years under pressure from the USA. The Saudis will not allow a proper audit of its fields. Even IEA insiders had declared the figures not worth the paper that they are printed on. Politicians want the cheap oil out ASAP because it keeps the masses happy. Remember the petrol shortage of 2001. People were panicking. The US wants cheap oil because their economy would struggle if prices rose substantially and they are trying to keep prices low enough till they are out of office. It will be someone else's problem then. US continental oil production peaked in 1975, Mexico's peaked last year, UK North sea peaked in the 90's. The Saudi's biggest field probably peaked last year as well.

Then add in the fact that oil finds are becoming harder and more expensive. The recent Brazilian find is in deep water so will be expensive. The same will apply to the Falklands and Atlantic finds. While there will probably be oil around for another couple of hundred years it will become much harder to extract and much more expensive, so say good bye to flights abroad unless you are super rich.

everyone forgets that it is in the interests of OPEC countries to play down production capacity and oil reserves sine they are a global cartel, Because it keeps oil prices high.

People also forget that deep sea oil finds are going to be more and more extensive.

People forget that there are alot of countries that are too unstable to extract oil and there are also many countries too unstable to find oil. Canadian oil shale.

Oil reserves are not all acounted for. Peak oil is about 20-40 years away.

I'm beginning to wonder if prices are only gonna get more expensive from here on in. And whether or not there's more oil, if prices continue to rise (however slowly), that presents a bunch of fascinating, interestingly debatable, but ultimately worrying problems.