Peak Oil News: Skids are Greased for Oil Crisis

Friday, July 09, 2004

Skids are Greased for Oil Crisis

The Cleveland Plain Dealer

When geologists speak of Hubbert's Peak, they're not talking mountaintops or hairdos. They're referring to a time - maybe not so far off - when the world will run out of fertile new oilfields and new ways to recover oil, and petroleum supplies will begin an inevitable and maybe very fast slide.

Today, almost all OPEC nations appear to be pumping flat-out, yet the world still is just an oil workers strike or pipeline saboteur's attack away from big trouble.

That's a clear sign that the old OPEC cushion - excess capacity that allowed Middle East producers to control the market and price - is no more.


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