"nature is not making oil anymore"Sorry to be pedantic - but...

"nature is not making oil anymore"

Sorry to be pedantic - but nature is actually still producing oil - just much slower than we have been using it. The equation goes something like this:

Years to produce total known reserves: 100 million
longevity of total reserves at current usage: 100 years

Thus each thousand years the world makes enough oil to supply the world for about 8 hours.

The actual amount of hydrocarbons produced is in fact much higher though 99% of it is not within a trap and hence just works its way to the surface and out into the atmosphere.

There is a theory that production is much, much quicker though most traps have been spilling gas/oil around the margins of full traps for millions of years. This may explain why some exhausted traps have been found to regenerate somewhat with time - some to a significant extent - though migration from deeper/adjacent traps likely account for some or all of this replenishment.

I agree with above that all the doomsayers are coming out of the woodwork and claiming credit. The most pessimistic ones are almost all Yankee Wall St brokers/financiers who are seeing the absolute worst of the crisis and can't see beyond the USA at how Chindia continues to grow despite the irresponsible US bankers trying to derail them.