Peak-Oil Theory Warns Tank’s Almost Empty

The Australian – FORGET pipeline problems in Alaska. The real elephant in the corner is “peak oil”. This issue is in the same category as global warming – although there is a division of opinion as to whether or not it’s real, it is probably prudent to assume the worse-case option.

Peak oil is the point at which it is accepted that half of the world’s total oil supplies have been used, and lifting production worldwide becomes problematic. It doesn’t mean we’re about to run out, but it surely indicates that it won’t get any cheaper. It is likely peak oil in US fields occurred about 1971, and there are suspicions about the number of years the Saudis can keep pumping greater quantities of black oil.
The Australian