Global oil production: Has it peaked?

Since Henry Ford rolled out the first Model T almost a century ago, the world has been riding a hydrocarbon bubble that transformed America's landscapes and lifestyles.

But some oil experts and economists warn global oil production is peaking. Oil production isn't going to drop off a cliff, they say, but the future is one in which annual supplies will for the first time begin gradually diminishing, precipitating even higher prices and perhaps shortages.

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