Peak Oil: Problems and Possibilities

CBC News - Peak Oil: Problems and Possibilities: "Oil. It's a nonrenewable resource, but only in the last decade or so has the 'non' part really begun to hit home. As oil prices continue their seemingly endless trek skyward, the whispers about peak oil have turned into a roar. Peak oil is the hypothetical date when the combined daily output of global oil producers has reached its maximum and then begins to decline. Essentially, this is the point where supply starts to move downward, while demand continues to climb. You don't need to be an economics major to figure out what the effect on prices will be.

The nonrenewable status of fossil fuels isn't up for debate — we've run out of dinosaurs — but the timing and consequences of peak oil are controversial. Some believe that we are already on the down slope, while others believe this is nothing but fear mongering. In this article, we'll examine the debate and explore some of the consequences that are likely to arise when the well runs dry..."