[thackney]

We still have not reached the +10 million barrels a day of crude oil from 1970, but we are getting close.

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M

[cicero2k]

We still have not reached the +10 million barrels a day of crude oil from 1970, but we are getting close.

Yes we are close.

However, we have set a price ceiling, long term. Once price exceeds say $70, we can produce enough to keep it there.

That is my long term guess.

Natural gas went through the same transition. Low prices, long term.

Some day, the 1973-2012 era for energy will seem like a bump. When the peak production concept was dispelled.