A lack of transparency in the world oil market makes assessing oil reserves a guessing game, with figures in official oil reports often based as much on politics as geology: nearly three-quarters of the world’s oil is controlled by state-owned companies, whose reserve figures are never audited. “We know that oil production will peak within our lifetime, we are pretty sure that market prices will not anticipate this peak, and we know that not having alternatives in place at the time of the peak will have tremendous economic and social consequences,” says Robert K. Kaufmann, an energy economist at Boston University. “Doing too little now in the name of economic efficiency will appear in hindsight as rearranging deck chairs on the Titanic.”