Your peak oil moment of the day.

Retired Princeton Geology professor Ken Deffeyes created a fascinating chart re: oil production and oil price. See it here. It's only 2 weeks old but already out of date - (he cuts off the price at $120 per barrel. Oil closed today at $130.03).

From Deffeyes:
"We hit "peak oil" - also called "Hubbert's peak," - a geological limitation to the oil supply in the ground. With no additional supplies, a bidding war began in 2005 over the remaining oil in the ground. This is not a news story that goes away after a month."

Professor Deffeyes's books "Beyond Oil" and "Hubbert's Peak", along with Cal Tech physics professor David Goodstein's "Out of Gas", may be the most blunt, sober , and scientific books out there about the fix we are in.