Let us look at FACTS.
Not wishful thinking not an imaginary cavalry coming to our rescue in our time of need.
1. The Gwhar field is the largest on earth, it covers some 2,000 square miles. It was discovered in 1948. It is nearly impossible for another such find to be left undiscovered anywhere on earth.
2. The last "super giant" field is the Cantarell in Mexico. That field was discovered in 1975, it is the very last field outside of Saudi Arabia to have EVER been found which would yield over a million brls a day. Production peaked in that field in 2003.
3. Very very few finds throughout history have been super large or bigger fields.
Now let us talk about the profiles of the last discoverd super giant fields in the world - that is, fields that produced more than a million brls a day for any length of time.
Oseberg, online 1988, peak 1994 current production less than 200,000 brls per day
Brent, online 1977, peak 1983, current production 50,000 brls
Gullfaks, online 1986, peak 1994, current production 150,000 brls a day
Prudhoe, online 1976, peak 1981, currenpt production 400,000 brls a day
Slaughter, online 1940, peak 1975, current production 45,000 brls a day
Romanshkino, online, 1952, peak 1970 current production 200,000 brls a day
Forties, online 1975, peak 1980, current production 55,000 brls a day
Samotior, online 1970, peak 1979, current production 600,000 brls a day
See the pattern here? These are the largest fields discovered outside of Saudi Arabia. Sure, we will continue to find oil deposits but they are tiny in comparison to the big wells and we need 4 to 7 Ghwar fields, the largest field BY FAR in the world. Even if we are very very lucky and find one more, we still need at least 3 beyond that. We have not found a field that is capable of immediately producing over a million brls a day in 30 years. That is not for lack of looking.
Now look at U.S. crude prodcuction. It was 4.5 million brls a day in 1945. It peaked (as Hubert predicted) in about 1970. We had a secondary spike when Pruhdoe bay came online in 1985. We now produce less than 6 million brls a day in the U.S. The government has nothing to do with the fact that there isn't any more, if there were large depsits we would know where they are. Hell We've known about Bakken for a long time..
There is a whole lot of oil left in the fields I mentioned but they will never and can never produce over a million brls a day no matter what technology is employed. As I said, the point is not how much oil but how much can be produced at any moment in time. We are running out.