US oil production peaked in 1971 and has decreased every year since; that�s the fact. If we drilled EVERYTHING, we could spike up, but NEVER anywhere near where we were in 1969.
Looking at production, we nearly equaled the production of 1967-1972 a decade and a half later in the mid 80's. In theory, if Peak Oil was right, that shouldn't have occurred.
Two other factors occurred at precisely the exact time that oil production began dropping around 1972....
The Clean Air Act of 1970 and the Clean Water Act of 1972. For good or for bad, we made it more expensive to produce oil here than elsewhere around the world. Oil companies go where there is a path of least (and cheapest) resistance to produce oil.
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