Wired has posted an excellent article on some Wall Street Journal articles citing reason we are in the ‘End of Oil’ stage.

From the article:
No one, least of all the oil industry executives quoted by the Journal or the analysts who wrote the World Energy Outlook, is saying the wells will run dry in our lifetime, or even our children’s lifetimes. There’s still a lot of oil left to be pumped. But there is a growing belief that several factors are converging to create a practical limit to how much we can pull from the earth each day.

Fairly intense effects for our society if the article turns out to be our future situation.