Ladies and Gentlemen the end of oil is upon us…or is it? The answer depends on who you ask. Energy analysts, geologists, oil executives and politicians all have a different theory.
In America, most of the oil is used for transportation. Many drivers are cringing over prices at the pump; prices that range from $2.24 a gallon up to as high as $2.65.
Everyone is trying to figure out why prices are high and what is ahead for next year and beyond. That is where the issue of the oil supply is key, because if the world is really running out, then we might as well expect the price to keep on climbing.
There is a lot more to the story, and we try to get to the bottom of the barrel in our ongoing series “Addicted to Oil.”
Vijay Vaitheeswaran, Environment & Energy Correspondent for The Economist and author of “Power to the People: How the Coming Energy Revolution Will Transform an Industry, Change our Lives, and Maybe Even Save the Planet”
Chris Skrebowski, Editor of Petroleum Review, a founding member of the ASPO (Association for the study of Peak Oil) and a trustee on the board of ODAC (Oil Depletion Analysis Centre) – -based in London.