DOE predicts gasoline shortages

Gasoline shortages and even higher prices loom, a new government report says, and it will take decades and trillions of dollars to replace American dependence on foreign oil.

The U.S. Department of Energy report directly addressed the concept of peak oil and how to deal with it. Peak oil means oil production is maximized and supply goes down from that point forward. Coupled with a surge in demand from countries like China and India, some energy experts say this could be a problem for America’s economy.

“The world is consuming more oil than it is finding, and at some point within the next decade or two, world production of conventional oil will likely peak,” the report says.

In Congress, U.S. Rep. Tom Udall, D-N.M., has co-founded the House Peak Oil Caucus aimed at tackling this issue. “I have a sense that the frustration is building, and whenever that happens, that’s the opportunity to get something done,” he said Thursday.

The New Mexican