The Troubling Realities of the Oil Situation

"Oil is no longer in plentiful supply. The time when we could count on cheap oil and even cheaper natural gas is clearly ending" -- ChevronTexaco Chairman David O'Reilly

Published: 20-Mar-2005

SANTA MONICA, Calif. (MarketWatch) -- 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.


Visits to China, India, Malaysia and Pakistan are significant because the trip spells out the Saudi Kingdom's Look East policy, representing a new reorientation in its foreign policy that was heavily tilted toward the West.

The worst two scenarios suggest a drastic decline in output to 875,000 barrels a day by the end of 2007 and to just 520,000 a day by the end of 2008.

Bush said he envisioned a future in which a plug-in hybrid car could drive 40 miles on a lithium-ion battery, then stop at a filling station for ethanol, a fuel usually made from corn, similar to HyMotion Prius pictured below.


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