from Exxon Mobil’s 2012 Outlook for Energy

“Much attention is paid to new energy technologies, with good reason. But it also is important to know that most of today’s liquid fuels come from fields that have been producing for decades. More than 95 percent of the crude oil produced today was discovered before the year 2000. About 75 percent was discovered before 1980.”

– from Exxon Mobil’s 2012 Outlook for Energy