Between cries of "Drill Baby, Drill" and the near-constant drone about our "reliance on foreign oil," you might think that the U.S. is in an energy crisis. But in fact, our reliance on imported oil has been declining since 2005, and trends in energy production and consumption look encouraging.
Proponents of the peak-oil theory can muster studies and statistics backing their claim that declining global oil output is nigh. Critics point to new technologies and unconventional oil fields as saviors. Either way, a return to the days of $1.50-a-gallon gasoline isn't going to happen.