"What's worse than $3-a-gallon gasoline? No gasoline. If New College of California Professor Richard Heinberg is right, we'll be dealing with "no gasoline" as early as 2010 and definitely by 2030."
This "Professor Heinberg" is apparently pulling statistics out of his ass. There are plenty of oil on this planet, we have not even used 1/100 of the known oil reserve on this planet. But many of the reserves are very expensive to extract, such as Canada oil sand (more than 10 times larger reserve than saudi). What will happen is oil will get expensive when we run out of the cheap reserves, but oil will not deplete. We will be running on alternative energy source, long before oil depletes.
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