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http://money.cnn.com/2005/06/27/news/economy/gas_prices/
The article also references the lack of reinvestment by the oil companies that indicate by their behaviour - rather than their words - that they don't believe it's worth looking for more oil.
"Never again will we pump more than 82 million barrels."
-- T. Boone Pickens, 9th August 2004. On the Kudlow and Cramer Show, MSNBC.
http://www.monbiot.com/archives/2004/08/23/living-with-the-age-of-entropy/
"Global oil [production] is 84 million barrels [per day]. I don't believe you can get it any more than 84 million barrels."
-- T. Boone Pickens, addressing the 11th National Clean Cities conference in May 2005.
http://www.peakoil.net/BoonPickens.html
"I don't believe that you can increase the supply beyond 84 or 85 million barrel as day."
-- T. Boone Pickens, on "CNN In the Money", June 25, 2005.
http://transcripts.cnn.com/TRANSCRIPTS/0506/25/cnnitm.01.html
"Supply is--you`ve just about had it on supply; 85 million barrels a day world supply is about it. "
-- T. Boone Pickens, on Hardball with Chris Matthews, MSNBC, Aug. 26, 2005
http://www.msnbc.msn.com/id/9118826/