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This  title now belongs to the emerging economies of the world, with China and India as the main players in the 21st-century economy.

While we may now be consuming about 1% less crude oil per day, emerging economies are more than compensating for this as oil consumption rises throughout the rest of the world. (Keep in mind that Saudi Arabia, the world’s largest oil producer, only has about 2 million spare barrels of oil available per day.)
: There are only 10 cars per 1,000 people in China and 12 cars per 1,000 people in India versus 765 cars per 1,000 people in the United States. Do the math!

The weighted average of vehicles per 1,000 people in the world is 164. This means that the number of automobiles in China and India is around 10 times lower than the world average.  The trend line is on the major upswing.

Note that as well we in the “Wet”  or specifically the United States  -have not discovered a conventional oil field with a capacity of more than 1 million barrels per day in the past 30 years.

Forty percent of the world’s oil supply comes from fields that are more than 30 years old, and these older fields are declining fast.

* The output of Mexico’s Cantarell oil field, which peaked at 2 million barrels per day, is declining by about 24% each year.

* Production at Saudi Arabia’s Ghawar oil field is flat to declining. No wonder they didn’t step up production when President Bush asked them to. (What a great idea it was to beg for oil when he knew the answer would be “No!”)

* Kuwait’s Burgan field and China’s Daqing field are also in terminal decline.

And much of the new oil discoveries are simply replacing the declining production of older fields

Its getting a lot worse before it even can get better

And this is with time lines of logistics and practical time delays not in the mix