Oil Peak
More than any other resource, oil seems crucial to the current western lifestyle. From petrol to plastic manufacturing, fertilizer and food production, oil is everywhere. But experts are increasingly predicting serious shortages. There is no definitive view on when reserves will dry up, but one prominent theory suggests we are heading for a so called “oil peak”, when more than half the oil underground has been pumped out. And once the peak is reached it’s believed major petrol shortages could prompt a global recession – But just how accurate are these fears? Danny Hannan, ex-president of the Cyclists Action Movement, believes oil will peak as early as 2008, while Dr Julian Mote from the Faculty of Business and Law at Deakin University believes oil reserves are still high, the issue is deliverability.
BBC
CAMWEST: Cyclists Action Movement