m. king hubbard did not include in his predictions. and in spite of the fact that we have now drilled more oil wells than all the rest of the world put together. not only have we peaked in oil production, but we've slid so far down the other side of hubbard's peak that we now produce just about half the oil that we produced in 1970. as a matter of fact, we have only 2% of the known reserves of oil in the world and we use 25% of the world's oil. we really know how to pump oil because with that 2% of the world's reserves of oil, we pump 8% of the world's oil. what that means, of course, is that on the average, our wells are going to run dry sooner than the average well around the world because we're pumping our oil four times faster than the average well. in the world. i have some charts here that may illuminate what we've been talking about. i've not seen the sequence of these charts, so we'll just speak to them as they come up. the first chart is what is known as the oil chart. peak oil, the growing gap. if you had but a single chart t

m. king hubbered who was regular gated -- hubbard who was relegated to the lunatic fringe and ridiculed but right on schedule. in 1970 we reached our maximum oil production in our country. the world this chart says has reached it now. apparently that's so because you saw from the previous chart, both the e.i.a. and i.e.a. had oil production flat for the last four years. now, what will the future look like? this is their projection of what the future will look like. they say that we're going to get this light blue area, a lot of oil, by 2030 we're going to be getting as much oil from fields yet to be developed as we're getting from all of our developed fields now. that may or may not happen. but even more specktive is this interesting red area -- speculative is this interesting red area, crude oil, fields yet to be found. that's almost as big in 2030 as the fields we now know and the fields we have discovered and are yet to develop. now the brown area is enhanced oil recovery, live steam and co-2 and pushing a lot of sea water down there if you're near it, these are ways to get more oil