Peak oil discussion of its obtuse impact on our economy

To follow up on my article about the Pickens Plan, I went in search of more information about peak oil and found that the legislature in Colorado received a briefing by David Bowden on the obtuse impact peak oil will have on our economy. His briefing coincides with the points discussed in the Pickens Plan, so I wanted to provide this synopsis on peak oil discussed in Denver, Colorado on February 15, 2009.

David Bowden is the Executive Director of the Association for the Study of Peak Oil & Gas

1. For every three barrels of oil that the world consumes we are finding one. That means that sooner or later demand will exceed supply and price will go up.

2. Our economy in the nation, the state, and the world are profoundly and almost completely dependent on petroleum products (i.e. fertilizer made mostly from natural gas, plastics made from oil, gasoline made from oil, heating oil to heat).

3. We are facing, possibly in the next five to ten years, very considerable supply constraints.

Examiner