We did not fix the levees, though we were warned.
- Author William Greider
Around the time of the first oil shock in 1973, columnist Art Buchwald penned a satirical column about what life without cheap oil would be like in the 1990s. One day, a father and son go out for their first drive in weeks because fuel costs $8.50 a gallon. “I feel like a steak,” says the father to his son. And the boy asks, “Dad, what’s a steak?”
Such a scene is leaping from the pages of satire now that the phrase Peak Oil has entered the lexicon. In oil tycoon T. Boone Pickens’ words, that means that oil supply was for years greater than demand but now, “Demand is equivalent to supply, and you can’t get any higher supply than you’re getting right now. Right now means that the world’s oil producers are pumping 80 million barrels a day and demand has begun to exceed that.” Read More→