Oil Supplies Getting Low
Global supplies of crude oil will peak as early as 2010 and then start to decline, ushering in an era of soaring energy prices and economic upheaval, according to an international group of oil specialists. They hope to persuade oil-dependent countries like the United States to stop wasting the Earth’s limited amount of fossil fuel. Americans, as the biggest consumers of energy, could suffer a particularly harsh lowering of their lifestyle.
“There is no factual data to support the general sense that the world will be awash in cheap oil forever,” says Matthew Simmons, an investment banker who helped advise President Bush’s campaign on energy policy. “We desperately need to find a new form of energy.”
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