And that has been the situations since the 1960s when the last real huge (Sometime called elephants) oil fields were discovered. We are finding more oil fields, but way below replacement levels.
Now, Fracking has increased oil production, but from what are called "Tight oil" and those fields have been known for decades but are expensive to extract oil from AND will last less then five years (and enter decline after 18 months). See my previous posts on other sites for details. One of the pushes to get these fields into production is the high costs to drill them AND that the leases have drill or lose the lease clauses. Thus the money is already invested, even before the first dirt is drilled.
As to his point that oil is pumped from 48,000 feet, that is NOT true. While Natural Gas can exist below 20,000 feet (Natural Gas does exists as deep as 100,000 feet). Below 20,000 feet, the heat of the earth converts Oil to Natural Gas, thus 20,000 feet is the approximate bottom level for oil. With fracking we are hitting those levels (we had the capacity to drill to 20,000 feet in 1938). We are getting some liquefied natural gas products along with the natural gas below 20,000 feet, thus this is a source of some of the "Oil" discovered over the 40 years.
Sorry, Peak oil is hitting us right now, there is some question as to when peak Natural Gas will hit but it Will hit (the exact date is unknown for it is hard to determine how much natural gas is below 20,000 feet AND you have the problem of huge natural gas at the bottom of various seas in the world, for example the Caribbean and the seas around Japan, but can NOT be profitable extracted at the present time do to the price of natural gas is to low).
This is a version of the aerobic oil theory, disproved decades ago, but keep coming back supported by people who just like ignoring facts.
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