Peak Oil and the New Administration

America is now becoming more aware that we are all caught up in an unexpected nightmare called Peak Oil, the point at which the demand for oil on the world market overwhelms world production capacity and this condition becomes irreversible. Currently world petroleum production is remaining relatively stable at about 87 million barrels per day while world demand is expected to grow to almost 88 mbpd in 2008. The price of a barrel of oil reached as high as $139.89 on June 16, 2008 and there are dire predictions of further escalation. Before long, many analysts expect demand to overwhelm production in an irreversible trend, and when that happens, every nation will experience extreme shock to their economies. But no nation will experience the shock that will impact America, for no economy in the world is so overly dependent upon petroleum than this nation.

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