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Peak Oil News Monday August 21st 2006
The Skanner Blog
Let’s start with gas prices, something that none of us can ignore. Oil prices recently rose to $75 a barrel — an historic high. Of course, oil prices have spiked before, but according to many industry analysts, this time is different. In the past, oil prices rose because of temporary supply problems, such as during the first Gulf War. Now they are rising because world demand for oil is outstripping supply. Whether or not the spike drops this time, the upward trend is here to stay. For several years now, oil industry executives have been discussing what’s called “peak oil.” Simply put, this means that we are reaching the point where half of all the world’s oil reserves have been used up.
The new age of sail
World trade depends on cheap petroleum, especially bunker fuel for ships. As goods such as food have come to be transported further and further, involving also trucks, trains, barges and jets, modern societies have become dangerously dependent on a fast-dwindling, non-renewable resource. Peak oil and petrocollapse will not only end "growth" but will soon turn our artificial world of corporate global trade upside down. In its place people will look to sustainable systems...