The coming Oil crunch - As world production peaks and then declines, the energy culture must change
Each time there’s a significant jump in gas prices, oil company executives give simplistic excuses for the reasons they make $20 billion to $40 billion in profits per year. It’s a bad enough situation. But what is rarely discussed is that in less than a decade, the issue will not be the price of gasoline — it will be whether gasoline is available at the pump at all.
The world is heading toward a “peak oil” situation. What this means is that in 2012, world consumption of oil will reach the peak capacity of existing oil resources. Available resources in the Gulf of Mexico already reached that peak in 2005.
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