By Steve A. Yetiv
Originally published August 12, 2005
Will America be ready when oil supply peaks?
BUDGET DEFICITS explode. Inflation rules. Stock markets plunge. Houses foreclose. Great powers clash. This may be our future if we do not take more serious steps on energy than those offered in the energy bill that President Bush recently signed.
With oil prices hitting all-time highs and war raging in Iraq, serious concerns about "peak oil" slowly have appeared on the public radar screen. Simply put, peak oil refers to a key turning point when global oil production peaks and then begins to decline, signaling a future of dwindling supplies.
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