We are being lulled to sleep by temporarily low oil prices caused by the global financial crisis. In fact, low prices may lead to an increased level of consumption and accelerated exhaustion of oil reserves.
“Peak oil,” the point at which global oil production peaks and then rapidly declines, is still not sufficiently on the minds of the American public and policymakers. We don’t know exactly when peak oil will arrive, but it is very likely to occur within ten to twenty years. Some say that it may even be here now – the US Army Corps of Engineers, for example, wrote in a 2005 report: “We are at or near a peak in global oil production.” Peak oil should be at the forefront of everyone's mind – here’s why:
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