http://www.sulphco.com
The Sulphco company has developed a new source of oil. After a barrel of crude is processed in a refinery, some tarlike residue is always left behind. Silphco has developed a process that gets an extra 7 gallons of fuel out of this residue. The process uses ultrasound to separate the sulpher from the oil and break down the tar molecules. The first large scale facility is curently being built and will produce 5000bpd by the end of the year. The process is profitable with oil over $35 per barrel. If scaled up all over the world it would be the equivilent of adding 10mbpd to the world market without actually having to drill oil out of the ground.
What effect will this technology have on peak oil? It might be a double edged sword in that it delays peak oil for a few years but then when decline sets in each barrel lost will have more impact on the economy and civilization.