With all the various comparisons of the price of a barrel of oil to water, or milk, or say Starbucks coffee one other comparison bears making–
** Peak Oil: is the point in time when the maximum rate of extraction of petroleum is reached, after which it is expected to enter terminal decline. It is often confused with oil depletion; however, peak oil is the point of maximum production, while depletion refers to a period of falling reserves and supply.