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.

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