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Peak [oil] is the midpoint of all oil production. Oil production whether its from a [single] oil well, an oil field or the whole world follows a bell shaped curve. After you reach the top of this curve the well goes into decline and [will] never produce more oil than it did at the peak. Decline rates are usually around 3-4%, but if sea [water] injection is used (or natural [gas]) [like] in Saudi Arabia decline rates [will] be as high as 10% a year or higher.

Largest known reserves goes as follows:
Saudi Arabia with about [25]% of the world recoverable oil
[Iran] with 10%
and Iraq with 10%

The United States is in the biggest [pickle] of all, with 5 percent fo the worlds population but using up an astonishing [25] percent of the oil the entire world produces every year, the US economy feels even the smallest fluctuations in the price of oil more than other countries.
 
Dates for when oil production [will] peak range from anyday now to 2040. But most group in [tight] around 2010-2015.

For every barrel of oil we use, we discover only one quarter of a barrel, that is to say, we use four times the amount of oil than we find. Oil discoveries peaked in the 1960's.
For a general idea, oil discoveries inside the United States peaked in the 30's and then oil production inside the United States peaked in the early 70's. So roughly fourty years later. Mind you, consumption of oil wasnt slowed down during that [time] period like it was during the 70's, 80's and 90's by shortages in supply and the following high prices.

So, now knowing that oil production is going to peak, within your lifetime, and that Iraq has the thrid largest oil reserves, do you wonder why the United States is at war?

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