Click here to access article by Gail Tverberg from The Oil Drum.
The author keeps trying to correct misleading claims regarding oil production by mainstream media and political figures. It's all about the complex nature of imports, refining, heavier and more expensive oil, and biofuels. She sorts it all out for us to provide a much more accurate picture.
Disregarding all the environmental costs (and, we can't really!), the implications for economic growth, on which the capitalist system depends, is not very favorable. The cheap, easily accessible oil is rapidly disappearing.