FSRN Election Special: Part 1: Global Peak Oil Production
Oil futures have reached 50 dollars a barrel as speculators have become concerned about the continuity of supply. Thus far, most fears have been about disruptions caused by politics or weather. But flying largely under the radar is the structural issue of global peak of production. After peak has been achieved, world oil production will plateau and then start to decline permanently. Depletion will deal a major blow, some say a death blow, to oil-based industrial economies. Prominent peak oil theorists, Drs. Colin Campbell and Ali Samsam Bakhtiari say the world will reach the peak of oil production sometime during the next U.S. presidential term. But, as Kellia Ramares reports, as FSRN kicks of our daily special election coverage countdown where we will look at under covered issues and constituencies each day until the election, neither the Democrats nor the Republicans have made oil depletion an issue in the 2004 campaign.