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Peak Oil News Sunday September 3rd 2006
Driven by oil
Are we in denial about oil? Stephen Leeb, founder of Leeb Capital Management Group and a long-time analyst on Wall Street, thinks so. "We have a president that says we're addicted to oil, but doesn't say that we don't have enough oil to satisfy our addiction," he says. "He really hasn't alerted us to the fact that it's a true crisis."
Make Room For Bikes On Rail Cars
Last month the State Bond Commission approved $459 million toward the largest purchase of rail cars in state history - 300 new M8s (with an option to purchase 80 more) from Kawasaki Rail Car Inc. and $25 million toward refurbishing existing rail cars. Initial delivery for new cars is due in 2009. The good news is that these cars are designed to run not only on Metro-North Railroad's New Haven line, but also on the state Department of Transportation's Shore Line East corridor. The bad news is that the design for the M8 cars does not yet include dedicated space for bicycles.
Debate swirls around fossil fuel’s demise
U.S. Rep. Tom Udall and others in Congress have positioned themselves at the center of an uncomfortable idea: Eventually the planet will run out of fossil fuels. Udall is pushing for open discussion of peak oil, the concept that world-oil production will someday reach an all-time high.
After that, oil production will decline because there’s only so much of it in the ground. Oil production has already peaked in the United States at more than 3.5 billion barrels per year in 1970, just as a geophysicist predicted in the 1950s.
Last year’s domestic production was about 1.8 billion barrels. Some energy experts say a permanent fuel crunch could be a disaster for the global economy because this decline in production would most likely happen at the same time that demand reaches an all-time high.
Government reports have suggested that widespread social and economic disruption, including gasoline shortages, are possible.