Life Beyond Oil Age Uncertain
p;A lot can change in a decade. Ten years ago, the idea of peak oil was almost unimaginable. Life was good for Americans, who enjoyed a growing economy and gasoline at just over one dollar per gallon.
But gas prices have more than doubled since then, bringing the theory of peak oil into the mainstream. If the theory is true, production of the world’s oil supply will soon reach its limit and then steadily decline, leading to rising gas prices and weakening economies worldwide.
Gas depends on oil, which cost around $28 per barrel in June 2003, but has nearly doubled to $54 just two years later. This number is especially worrisome to Americans, who use 25 percent of the world’s daily supply of oil despite making up less than 5 percent of the global population.
People are already starting to panic. Last month, two Sacramento brothers were arrested after being caught siphoning gas from various vehicles. The reason, one of them told police, was that they simply could not afford gasoline anymore.
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