Urgent action is needed to avert the looming oil wars

While the world’s attention is focused on the aftermath of the Israel-Hizbollah war, more far-reaching and dangerous threats to global security are growing dramatically. In July, Samuel Bodman, US energy secretary, said that for the foreseeable future “we’re going to see oil demand exceeding supply”.

Peak oil forecasters win converts on Wall Street to $200 crude

As energy prices soar and violence convulses the Middle East, the peak-oil movement — an unlikely alliance of geologists, physicists, oil industry consultants and environmental activists — is winning converts. Peak-oil ideas are bubbling up from scientific journals and offbeat Web sites, much the way warnings of global warming did a decade ago. For the first time, the peaksters have begun to grab the attention of Washington and Wall Street. (excerpt)