Source : Webster's Revised Unabridged Dictionary (1913)

Peter \Pet"er\, v. i. [imp. & p. p. {Petered}; p. pr. & vb. n.
   {Petering}.] [Etymol. uncertain.]
   To become exhausted; to run out; to fail; -- used generally
   with out; as, that mine has petered out. [Slang, U.S.]