peak oil

Association for the Study of Peak Oil. "World oil and gas supplies are heading for a "production crunch" sometime between 2010 and 2020 when they cannot meet supply, because global reserves are 80 per cent smaller than had been thought, new forecasts suggest. Global oil production would peak in the first decade of the 21st century and decline forever thereafter. There is no adequate substitute for oil energy. The peaking of production means the further growth of energy demand, and thus of the global capitalist economy, is physically impossible. No energy - no economy"