In the grip of oil

Extremists have warned for years of an impending economic disaster due to the end of oil; the movement is dubbed “Peak Oil.” It posits that one day all the oil in the world will be depleted, prices will soar and disaster will ensue.

And many are saying that day has come. “Peak Oil is no longer on the way. It is here,” says Michael Ruppert, who runs a Web site and pens a newsletter on topics that range from government corruption to insider trading to Osama bin Laden.

Ruppert and those like him who preach about the days of fire and brimstone are taking their cue from the fact that no significant oil deposits have been found as usage soars. The Energy Department last week released its short-term forecast, which sees demand increasing five percent over the next two years. Meanwhile, suppliers are dour about oil reserves.