Peak Oil is the concept that we have reached the peak of our daily production rate and that demand has begun to exceed supply. We have a lot of oil in the ground but the rate we pull it out of the ground is declining.

Matt Simmons is the leading expert in the field and he predicts real problems for us five years down the road as oil production falls quickly to half the current rate. Expect $500/barrel which will probably be $10/gallon for gas. That’s if you can get it.

He says we will need to learn to live and work locally as travel will be much more expensive.

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