What Happened to Peak Oil?

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7:40 AM, Mar 1, 2013 • By GEOFFREY NORMAN

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For the first time in 20 years, the US produced more than 7 million barrels of oil per day for 3 weeks in a row.

Meanwhile, Walter Russell Mead was blogging about the future of oil in Mexico where:

Emilio Lozoya, the CEO of Pemex, isn’t hiding his enthusiasm for the future of the Mexican state-owned oil company. Lozoya gloated recently over a report that named Mexico the “new Middle East”.

And then, on the other side of the world, geographically, and on the dark side of the geo-political moon, Iran was reporting that it has discovered vast new reserves of oil.

Which leads one to wonder, first, weren't we supposed to be running out of oil. And, then, why does it cost so much more, every day, to fill up your tank?