EconProf, are you trolling? Do you believe Jeebus is putting more dinosaurs under the dirt for you? Global conventional oil production has peaked. It actually did so around 05. It seems mighty disingenuous to ask a leading question, put a number randomly extracted from some orifice, then throw in some jingoistic non-sense as evidence or proof. What kind of econ do you teach?

EROEI is a bitch, and non conventionals are expensive. Peak Oil was never about the alarmism you are attempting to attribute to it. Rather the sure and certain knowledge that as a planet we are over the hump on the cheap stuff. It was however a way to plan for a less energy dense future. Unless of course that PhD of yours will allow you to defy the laws of thermodynamics, then all bets are off.
Josh