The drumbeat is a daily round up of what is going on at theoildrum.com, who's mission is to facilitate civil, evidence-based discussions about energy and its impact on our future.

We near the point where new oil production cannot keep up with increased energy demand and the depletion of older oil fields, resulting in a decline of total world oil production. Because we are increasingly dependent upon petroleum, declining production has the potential to disrupt our lives through much higher prices and fuel shortages. The extent of the impact of this supply shortfall will depend on its timing, the magnitude of production decline rates, the feasibility of petroleum alternatives, and our ability to curtail energy consumption.

If you follow the petroleum markets, or you just want to know what is going on in the world of energy, the weekly reports from the Energy Information Administration (EIA) are invaluable. Every Wednesday the EIA releases reports detailing information on petroleum and product inventory levels, imports, prices, refinery utilization, etc. For those who follow this information, the recent run-up in gasoline prices is not a surprise, as you would have seen it coming.