Associated Press picks up on peak oil
The Associated Press has just put out a story on the peak oil report released today by the Government Accountability Office (GAO).
Report: Gov't needs plan for oil peak
by Alan Zibel (AP)
The U.S. government is in need of a strategy to minimize potentially dire economic consequences after worldwide oil production peaks and begins to decline, the investigative arm of Congress said Thursday.
Though experts disagree about when daily oil output will reach its maximum level -- or whether they have done so already -- the Government Accountability Office said in a report that most studies have found oil production will reach a peak sometime between now and 2040.
The report warns that, as the world's largest oil consumer, the U.S. is vulnerable to significant economic troubles, brought about by rising prices, if a peak arrives and no technology exists to replace petroleum-based transportation fuels.
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