The document provides an overview of global oil consumption and argues that peak oil production has likely already occurred or will occur soon. It notes that while politicians claim there are 40 more years of oil reserves at current production rates, this is physically impossible. The world reached peak rates of oil discovery in 1965 and there is a lag time of 40-55 years between discovery peaks and production peaks. As a result, peak oil production is estimated to have occurred between 2005-2020.