This graph from the Grauniad last week neatly shows the Peak Oil effect. The government have their head in the sand about one of the three major crunches facing the planet (the others being the climate and the economy). Earlier this year I commented on the rising oil price and expected it to continue to rise, but I hadn't factored the world recession that reduced consumption very slightly, just enough to push the price back down.
This graph shows a peak in production in 2013. Others have predicted the peak to have been this year, either way the important point is not when supply peaks, but when demand outstrips supply (as it appears to have done in 2007). The price of oil rockets when demand outstrips supply and the knock on effect on both people and the economy is hard felt.
The report in the Guardian tells how industry are beginning to taking the threat seriously.
What does this mean for people? It will hit the poorest hardest and while we all need to use less energy, energy should be shared fairly, not based on ability to pay.