Oh, no! Has the world reached

By Jarius Bondoc The Philippine Star

$60-per-barrel oil is still affordable by western standards, but surely debilitating for growing economies. But what if it hits $80 again, or even $100 by estimates of pessimists? That scenario has long been mulled in at least three books on a phenomenon called “peak oil.” Simply put, peak oil is the stage when world oil production hits its peak while demand continues to surge. At that point, pump prices would soar sky-high.
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