>For years, scientists, environmentalists and oil industry insiders have battled over the idea of peak oil. Have we finally reached that point? Well, oil is hovering around $70/barrel… not exactly peak oil prices and there are gigantic oil surpluses in the United States and around the globe (hence the low price of oil). This has a lot to do with the recession, of course. But these facts don’t matter when you look at where we are drilling (Deepwater Horizons, anyone?) – www.treehugger.com. Our search to find oil under miles of water and locked in sands or shales is proof that we have hit peak oil. We have exploited all the easily accessible supplies of oil and are now relying on hard to reach and unconventional sources; sources which have the potential to be extremely environmentally damaging. Even though prices may be relatively low right now, we are on the plateau of oil production, soon to start a steady decline in production in the next decades. Time to find an alternative.
