End of the Petroleum Age?

How do we know that the petroleum age is drawing to a close? Two key indicators tell us that this is so. First, many of the giant fields that have satisfied our massive thirst over so many years are experiencing diminished output. Second, although the major oil producers are spending more money each year to discover new reserves, they are finding less and less oil. Either of these factors by itself is cause for significant worry; the combination is deadly.

There will probably be enough oil in our lifetime - if you're as old as we are - but eventually, we'll need to find an alternative. I'm sure we will develop a new power source; i.e., solar, nuclear or something we haven't considered yet, but only when our backs are against the wall and we are faced with no other choice. The transition period may be painful. The environmentalists are correct in saying we need to transition to alternative energy sources, not because we are damaging the planet as they fear, but because at some point, we'll run out of petroleum.