Oil Supply Shock is a report appearing on CNBC about the peak oil thing. Peak oil is a phenomenon that's been observed in many countries around the world ... that the ability of a country to supply oil, the production capacity that is, reaches a peak and then enters an inexorable decline in production capacity. It's not that the country runs out of oil, but their production capacity hits a brick wall, for example all the easy oil has been pumped and what's left is the hard to reach or poor quality oil.
The real scary thing is that you can apply the same model to the worlds oil production capacity. That's what they're talking about in the video, is that experts think the world oil peak will be "soon". Specifically the Government Accountability Office just released a report suggesting the world oil peak will happen anytime between now and 2040, and that the worlds governments are not ready for this to happen.
The oil peak thing is one of the reasons I'm interested in EV's.
On my web site I have Peak Oil links and Peak Oil articles which I've collected over the last couple years.
the USA already hit peak oil in 1970, we used to import 5% back then but now in 2007 it's 62%.
When the world hits the peak prices will shoot up. It's already 82 a barrel.
Our helpful goverment in the US also subsidises big oil and fossil fuels. Congress is trying to finally stop it and it's 10.1 Billion a year. This is while big oil comapnies have made record Billion dollar profits.
If we stop subsidising gas and diesel will cost about $7 a gallon just like Europe and the rest of the world. If we tax the pollution it will about $8 like it is in Germany right now.
It's going to be a mess when the stuff runs out. Luckily most of us here are already prepared, or in the process of.
We'll be kicking back in our solar powered homes and driving around in/on electric vehicles... while the "Smokers" (re: Water World) are starving in their driveways.
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