“I have never said that we are running out of oil. I do not believe that. But we are running out of production capacities. It is not a question of reserves as “peak oil” theorists would have us believe but rather a question of available production capacities. So why is it we are reaching a production peak? First of all, there are few ‘easy’ oil and gas fields left out there. Second, oil nationalism as well as the economic crisis are making matters worse. This is leading to less investment. Producing countries at present are quite simply asking “why invest now?” when they have a shortage of cash and have other priorities. There is a reduction in investment for there is a shortage of financing.”