John W. Schoen

With oil prices hitting new highs, proponents of so-called “peak oil” argue that the world may be approaching the point where production can’t keep up with demand. And innovations, like 3D, are at the center of a debate over whether technology can help replace the world’s known oil supplies before they are depleted.

Since oil production peaked in the United States in 1970, a growing number of geologists, economists and industry analysts have been pondering the question of just how long worldwide supplies will keep up with growing demand. And some are predicting that global production may peak as soon as next year.

Possible shutdown of Russian oil giant Yukos sparks rally.