Page added on October 12, 2004
RISING GASOLINE prices and tight global supplies have given fresh impetus to claims that the world is fast approaching the moment of “peak” oil production, beyond which we can expect declining energy output and economic decline. While there is no doubt that global oil output will attain peak levels, the current rise in prices reflects a more worrisome phenomenon: America’s growing dependence on imported petroleum from unstable and unfriendly countries, entailing an increased risk of supply disruptions and military involvement abroad.
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