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A fascinating article in the current Columbia Journalism Review focuses on the media’s under-reporting of an important part of the big oil story -- something known within the industry as “peak oil.”
As the article written by Katherine Bagley tells it, “peak oil is shorthand for the understanding that there is a finite amount of oil in the world and at some point we will hit a production peak, after which oil production will steadily decline until supplies are effectively exhausted.”
Bagley’s piece raises two important issues: First, why has the discussion of peak oil within the industry and the press been taboo? Second, what impact is the belief that we’ve already reached the moment of peak oil having on today’s skyrocketing prices?
One thing is for sure, listening to the oil company executives testify before congress the other day, it’s difficult to believe there’s not something nefarious behind it all.
Click here to read Bagley’s article.
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To *:57 am poster wrote on Apr 18, 2008 9:38 PM: