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Thriving economies, such as China and India, are quickly becoming large oil consumers.Some analysts argue that the cost of oil has a profound effect on economic growth due to its pivotal role in the extraction of resources and the processing, manufacturing, and transportation of goods.

Some use the terms "conventional" oil for what is included in the model, and "unconventional" oil for classes excluded.A 2013 study concluded that peak oil “appears probable before 2030,” and that there was a “significant risk” that it would occur before 2020, and assumed that major investments in alternatives will occur before a crisis, without requiring major changes in the lifestyle of heavily oil-consuming nations.Pessimistic predictions of future oil production made after 2007 stated either that the peak had already occurred, However, the successful application of massive hydraulic fracturing to additional tight reservoirs caused US production to rebound, challenging the inevitability of post-peak decline for the US oil production.Although US proved oil reserves grew by 3.8 billion barrels in 2011, even after deducting 2.07 billion barrels of production, only 8 percent of the 5.84 billion barrels of the newly booked oil was because of new field discoveries (U. EIA) But despite the fall-off in new field discoveries, and record-high production rates, the reported proved reserves of crude oil remaining in the ground in 2014, which totaled 1,490 billion barrels, not counting Canadian heavy oil sands, were more than quadruple the 1965 proved reserves of 354 billion barrels. A report by the UK Energy Research Centre noted that "discovery" is often used ambiguously, and explained the seeming contradiction between falling discovery rates since the 1960s and increasing reserves by the phenomenon of reserve growth.The report noted that increased reserves within a field may be discovered or developed by new technology years or decades after the original discovery.

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