From Forbes network:

The world's proven oil reserves were essentially flat in 2007 while production fell by 0.2 percent, the first decline since 2002, BP reported on Wednesday, when it launched its 2008 Statistical Review of World Energy.

On Tuesday, the International Energy (otcbb: IENI.OB - news - people ) Agency, the energy adviser for the world's industrialised countries, sharply lowered its projection for supply outside the Organization of the Petroleum Exporting Countries.

Concern over long-term oil supplies has driven the recent spike in oil prices and prompted Wall Street banks to raise their price forecast to about $150 and $200.

"For sure, banks tend to focus on supply. It is easy for them to make assumptions of $200," Olivier Jakob with Petromatrix said. "On the other side, we have to look at price impact on demand. That's why the market is so volatile."

Maybe is not as important to know how we got here as it is vital to know we can separately or collectively free ourselves from dependence on fossil fuels.