Peak Oil News

Friday, March 26, 2004

Record Gas Prices May Foreshadow Coming Shortage
"U.S. gasoline prices reached their highest mark ever on March 23. Meanwhile, oil giant Royal Dutch/Shell just slashed its petroleum reserve estimates by 20 percent, after a massive accounting scandal. While the soaring prices at the pump have the public worried about another 1970s style oil crisis, waiting in line might ultimately be the least of our concerns. An increasing number of prominent petroleum geologists -- including many former oil company employees -- have warned that official estimates of available global oil reserves are dangerously over-exaggerated. They may well be right."


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