Oil in an Age of Scarcity

"Forget for a moment the demand side of the equation — including China's and India's growing thirst — failure to adequately gird ourselves for the demise of oil has put the world on a rocky course of scarcity and high prices, according to a growing horde of Hubbert disciples. Mr. Deffeyes estimates that by 2019, oil production will fall to 90 per cent of its current peak...For a world hooked on oil, the new supply-demand paradigm promises to be as transforming a period as the oil gushers were to the last century. Whether it happens this year, or in two decades, few would argue that depletion is a preventable event."

Thanks to Michael Dudley