Look to gas for the future

Peak oil—the idea that we have passed or are about to pass the physical peak of oil production—is again in fashion. It has been lent impetus by events in the Middle East and North Africa. Predictions abound of imminent price shocks, $200 dollars-a-barrel oil, and an oil-induced Armageddon. We have been here efore: it is all very reminiscent of the reactions to the Iranian revolution and the oil price shock in 1979 when oil prices hit $39 a barrel (about $130 in current money).

Article first appeared in Prospect Magazine on March 24th 2011

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