The essay question focuses not on whether “peak oil” is true or not, but whether there is sufficient evidence to suggest that global oil production has already peaked . This requires a study of world oil production and its graph from the past to the present and an in-depth look at the predicted graphs. The International Energy Agency (IEA) officially recognized that we reached peak oil production 8 years ago, in 2006. However, soon after they went on to state that the peak only applied to conventional oil and oil sources. non-conventional oil such as oil Oil shale, shale gas, oil sands etc. they would still be available to us for oil production. A quick look at past world oil production data will show an increase in oil production, but it takes into account conventional and unconventional oil production. However, many recent studies show broad alternatives to oil production and dismiss “peak oil” as a myth. Optimists say we are underestimating the quantity and capacity of our oil reserves and that technology would advance rapidly to discover new oil fields for the cheap production of conventional oil. The International Energy Agency has announced, after research, that oil supply is not growing in line with growing global demand. This suggests that supply constraints are already a problem. It is a commonly known fact that sooner or later we will run out of oil. Therefore, the debate is not whether we will reach the turning point, but whether we are already there or not. If “peak oil” occurs soon, prices could rise dramatically and the world economy would be affected in more ways than one. With oil being the lifeblood of our economy, “peak oil” would affect every aspect of our lives. Oil, it's not just a part... in the middle of the paper......w.wired.com/2007/11/the-end-of-oil/>.• "." Has the world already passed “peak oil”? Np, nd Web. April 14, 2014..• “More FAQs.” AIE. Np, nd Web. 17 April 2014. .MAGAZINES:• Sorell, Steve, Jamie Speirs, Roger Bentley, Richard Miller, and Adam Brandt. "." Global Oil Depletion, an assessment of the evidence for a near-term spike in global oil production. 2009 (): n. page Network. Retrieved from: www.ukerc.ac.uk/support/tiki-download_file.php?fileId=283. Accessed 19 April 2014• International Energy Agency. 2010. Global Energy Outlook. Retrieved from: http://www.worldenergyoutlook.org/media/weo2010.pdf. Accessed 21 April 2014• Bridge, Gravin . "." After peak oil: economic policy of the energy crisis (): n. page Press.