“Peak Oil” and should gas prices be higher?

The days of “Peak Oil” draw nigh

As Caltech Vice Provost and Professor of Physics David Goodstein points out in the video interview below, the day is not far off when global oil production will peak, signaling the “end of the age of oil” and intensifying any number of dire consequences, some of which might be made less calamitous depending on how soon mankind realizes what lies ahead and takes prudent steps to mitigate this disaster.

Would higher or lower gas prices now and going forward be better for the planet and its inhabitants?

As with most controversial public issues, there are people on both sides of the question.

Some people and groups want stable or lower oil prices

California State Treasurer and Democratic Party candidate for Governor Phil Angelides is an enemy of high oil prices. Two days ago, on July 20, 2006, at a news conference called to announce his strong support for Proposition 87, the “Clean Alternative Energy/$4 Billion Oil Tax” initiative on the November ballot, Treasurer Angelides attacked what he called “profiteering from scheming energy companies” and said:

“The average price of premium gasoline in California today is a whopping $3.55 per gallon, and experts say it may top $4 per gallon in the next few weeks,” Angelides said. “California’s working families–and our fragile economy–are feeling the economic pain of skyrocketing energy prices. That’s why we need both protection from price-gouging today, and an opportunity to move beyond the oil economy in the future.”

Etopia Media (Internet Explorer may be required to see the video)