Supply and demand are heading for an inevitable collision, with price rationing sure to follow.
Authorities ranging from individual petroleum geologists to the U.S. Department of Energy agree that demand for oil will inevitably outstrip supply. Even using the most conservative projections, it is clear that we are heading towards a scenario of escalating and then soaring energy prices. The only real question is whether it will happen in 2004, 2010 or 2037. Rather than waiting until it is too late to curb our insatiable demand, we should be questioning now the wisdom of public policies that discourage conservation such as tax loopholes for SUVs and subsidization of urban sprawl.
Thanks to Geoffrey Singer
FULL STORY: Demand for oil outstripping supply
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