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"For the past three years, global oil production has remained constant at roughly 85 million barrels per day. OPEC production has remained largely flat while non-OPEC supply growth has been well below levels seen just four years ago. ... If there are no additional supplies of oil, for every one per cent increase in demand, we would expect a 20 per cent increase in price to balance the market."

Samuel Bodman, U.S. Energy secretary, at a June 22 oil summit in Saudi Arabia

"The global economy is facing the third great oil shock of recent decades. ... We are becoming increasingly aware of the technical, financial and political barriers to the production of more oil."

Gordon Brown, prime minister of Britain in a May 28 commentary published in the Guardian

"I do believe you have peaked out at 85 million barrels a day, globally,"

T. Boone Pickens, oil and clean energy investor, discussing worldwide oil output at a June 17 congressional hearing

"There is enough oil and gas in the ground, but the access is what's impeding production. So we could have a squeeze in the years ahead if we don't get after increasing our supplies.'"

David O'Reilly, Chevron Corp. chairman and chief executive, CNN, June 17

"It's supply and demand. ... We don't have excess (production) capacity in the world anymore. That's why you're seeing the oil prices."

Warren Buffet, CNBC, June 25

"Political factors, barriers to entry and high taxes all play a role here. In other words, when it comes to producing more oil, the problems are above ground, not below it. They are not geological, but political."

Tony Hayward, CEO of BP, during a June 11 presentation on BP's annual world energy report

"The imminent peak in global oil production has been predicted for a century - but incorrectly; it has not occurred. This does not mean that it will not occur ever ... But we need to be aware that some of the very arguments we are hearing today have been heard before - and have, in retrospect, been scaremongering."

Peter Davies, BP's special economic adviser, in January 16 speech to a peak oil group in London

"The consensus view is that oil above $100 a barrel is going to be with us for some time. So we have two choices. One, continue exporting our wealth overseas ... and hope that American consumers can outbid the Chinese and Indians in the world oil market; or two, we can commit to blazing a new path, one that frees our country from the shackles of oil."

Rep. Edward Markey, D-Mass., at June 11 congressional hearing

Source Los Angeles Times