There is virtual agreement among geologists that world production of conventional oil will peak at some point in the future. Oil, after all, is a finite resource, while demand will only grow over time. Geologists disagree, however, exactly when the peak will occur. Using data from the international Energy Agency, the US Department of Energy, the Association for the Study of Peak Oil and Gas, and petroleum industry sources, we argue that conventional oil production will reach a worldwide maximum within the next 5- 10 years, earlier than generally estimated, thus leaving a very short time frame within which to plan for conversion to alternative sources of energy. Unless planning is initiated immediately, the United States and other Western democracies will see their positions in the global economy undercut as military conflicts over limited energy resources increase, and wealth and power are shifted to authoritarian regimes in Russia, Venezuela, Africa and the Middle East. (C) 2008 Elsevier Ltd. All rights reserved.