Greg Flakus

If the peak theory proves true, the intersection between rising worldwide demand and a decline in world production would likely drive prices much higher, giving drillers even more incentive to go after every last drop of oil they can find in old fields as well as new ones. (Texas oil man Jim Baldauf, co-founder of ASPO-USA, is interviewed.)

A Voice of America correspondent went to the ASPO-USA peak oil conference in Houston recently and filed this report. (text and video)

Peak oil theory believers include some of the world’s most respected engineers and economists, many of whom have years of experience working in the oil and gas industry. Some of them go so far as to say the world may have already peaked in its oil production and that production will soon go into a steep decline.

One of the big economic stories this year has been the high price of oil. As winter approaches in the northern hemisphere, there is growing concern about rising prices for heating fuel. Some economists see the increase in energy costs as temporary, but others are predicting a more serious trend.

China’s search for oil to power its fast-growing economy has led it to various parts of the world where there are large oil reserves.