End of the Oil Age is near

IT’S not Doomsday yet, but if we don’t act now it soon will be.

That’s the message from mounting evidence about the looming oil crisis confronting Australia.

The bottom line is that the world’s oil production is close to peaking, with demand for the product soon to outstrip supply.


The latest study on the problem, the McNamara report commissioned by the Queensland Government, follows such research as the landmark report by US energy analyst Robert Hirsch.

His 2005 report concluded that “as peaking is approached, liquid fuel prices and price volatility will increase dramatically and, without timely mitigation, the economic, social, and political costs will be unprecedented”.

When this peak is expected to occur is a matter of debate, with some analysts arguing we have already reached that point (their argument bolstered by oil reaching $US80 a barrel overnight). Others suggest it may not occur until as late as 2025.

Courier Mail