The man who will bring down a civilization. Can you imagine how things would be if he said " We should peaking .. about now." Even if he said we should start preparing as the peak cannot be too far off.
Oh well..
I love his comment "This is the fifth time we are running out of oil"
Coincidentally this is the 5th consecutive year he has got the projected price of oil wrong.
I think we need some debunking of the statement "This is the fifth time we are running out of oil".

Is there someone who can go over each of these 5 times and explain why it might actually be differentths time.

Quoting from a paper on the subject:

http://www.h-net.org/~business/bhcweb/publications/BEHprint/v022n2/p0036-p0066.pdf#search=%22oil%20r unning%20out%201890%22

This may be the first 3:

The fountainhead of the modern American conservation movement, George Perkins Marsh...estalished major foci and themes, including alarm at the exhaustion of natural resources...The first critics to direct Marsh's concepts towards petroleum and say that America would run out
of oil were Pennsylvania geologists.  From 1883 onward, J. Peter Lesley and John F. Carll warned that producers were depleting Pennsylvania oil fields so rapidly that the reserves would exhaust in a generation, and there was "no reasonable ground" to expect large new discoveries.

Thus, in 1908, George Otis Smith...assigned David T. Day...to report on petroleum reserves for the National Conservation Commission...Day offered an alarming view of American petroleum reserves...he concluded that the United States had between 10 and 24.5 billion barrels of oil
left, inclining to 15 billion barrels as the likeliest fiture...he argued that if production continued to increase as it had in the past, oilmen would exhaust national reserves by 1935...Few conservationist perspectives on petroleum have ever received as much attention and
repetition as Day's.  For the better part of the next two decades, the USGS repeated his alarm in the petroleum section of its annual survey of mineral resources...After the USGS began to spread the alarm, the newly created Bureau of Mines, headed by former USGS employee Joseph Austin Holmes, joined its campaign by warning that the nation was wasting natural gas.

In December 1924, Calvin Coolidge created a Federal Oil Conservation Board (FOCB), appointed the secretaries of the Interior, War, Navy, and Commerce to it, and asked the board to answer such questions as whether there was an "inexhaustible supply" of petroleum in the United States; whether industry and government were "squandering" natural resourcs; and whether petroleum consumption and production could be cut back without disrupting the economy...The preseident's questions reflected two decades of conservationist discourse...They also implied what many critics of the petroleum industry charged outright; that the American petroleum industry had managed a vital natural resource irresponsibly and that it was time for government
to do something about it.

Count the 1970s as #4 and today as #5.

Interesting that most of the cases cited are for the US peak only, and they may even be accurate... "if production continued to increase as it had in the past" - well, it didn't, the exponential growth in extraction flattened out, naturally (and luckily).

"In all the oil field booms that I've chased and followed there's one thing that's true of almost all of the oil fields, especially the ones that broke out on the West Texas plains. An oil boom is a thing that comes, and it lasts for a little while, and then it dies down again."
-- Woody Guthrie, 1940 radio interview

Yergan is right to say than predictions of oil peaking have been made since the 1950s. But he is wrong to imply that the predictions were for peak way back then. For example, Hubbert (1956) predicted 1995. The Club of Rome (1974) thought 2000 as the likely date. All others that I know of predicted peaking about the turn of the century, which seems about right.
cheers
I had the same question as Hurin - thank you dr doom and redbarron for your responses.

These Press Wars for Public Opinion remind me of the classic "debates" between Biblical Creationism vs Evolution with the clownish Yergin (mis)FigureHead playing the roll of Henry Morris or Duane Gish, and their Disciples playing the role of the fundamentalist christians.

Deliberate half-truths and strawmen arguments are easily passed on to the ignorant press which repeats the same baseless B.S. to the equally ignorant public.  This keeps the gullible masses calm and docile like a Herd of Cows (apologies to the Bovine - no insult intended).

CERA is to Oil and Energy what the "Creation Science Institute" is the evolution - a FAITH-BASED answer to science which repeatedly gets away with passing off misinformation spouted by FigureHeads with fancy initials behind their names to give the impression of credibility to their repeatedly discredited Dogma.

And like the Biblical Creationists they do well with an uniformed public but would be shredded for their sophistry in scientific circles.

Christian Creationists are annoying and mildly entertaining, but are "Mostly Harmless" as the HitchHiker's Guide to the Galaxy would say.  The Econo-Creationists on the other hand, are downright dangerous wiht their gross mis-representations of our immediate and very profound energy crisis.  

Once again a mindless, gutter religion tends to win the hearts and minds of the gullible and ignorant while scientific realities are ignored because they are inconvenient or even discomforting.

at least he's consistent!