(I)The era of cheap, abundant oil is most probably at or past its absolute peak, according to the oil geologists. (II) If this analysis is accurate, the economic and social consequences will be staggering. (III) Generally easy to reach resources will be found and used first. (IV) For example, there will be a severe liquid fuels problem for the transportation sector and dramatically higher oil prices. (V) However, this fact is being hidden by governments in order to not to cause chaos.