-----Original Message----- From: Marvin Gandall <[EMAIL PROTECTED]> To: [EMAIL PROTECTED] Date: Mon, 8 Mar 2004 10:32:31 -0500 Subject: [PEN-L] Crisis at the peak
The world will be plunged into crisis long before it runs out of oil â in as little as 10-15 years when production will likely peak, according to energy analyst Paul Roberts in the Los Angeles Times. Oil optimists think the world wonât run out of reserves until at least mid-century, by which time alternative energy technologies will have been developed to replace it. But Roberts says âat some point, however, production simply won't be able to match demandâwe won't be âout of oilâ ; a vast amount will still be flowing â just not quickly enough to satisfy demand.â When that happens, âprices wonât simply increase; they will flyâ, as a âmanicâ scramble for the remaining supply accelerates its depletion, and provokes energy wars and a ârecession so severe the Great Depression will look like a dress rehearsalâ, he writes. The worried oil companies know supply and demand are widening faster than forecast, and their âmantraâ has been to âget us back into the Middle Eastâ which nationalized them when OPEC was formed â a message âthe Bush administration has taken to heartâ, without much success, notes Roberts. Article reproduced on www.supportingfacts.com. Sorry for any cross posting.
