Associated Press picks up on peak oil

The Associated Press has just put out a story on the peak oil report released today by the Government Accountability Office (GAO).

It will now be published in dozens or hundreds of newspapers and news sites. It's already appeared at:

MSN
Houston Chronicle
Forbes
Business Week

Report : Government Needs Plan for Oil Peak

The U.S. government is in need of a strategy to minimize potentially dire economic consequences after worldwide oil production peaks and begins to decline, the investigative arm of Congress said Thursday. The Government Accountability Office said in a report that most studies have found oil production will reach a peak sometime between now and 2040.

The report warns that, as the world's largest oil consumer, the U.S. is vulnerable to significant economic troubles, brought about by rising prices, if a peak arrives and no technology exists to replace petroleum-based transportation fuels. "The consequences of a peak and permanent decline in oil production could be even more prolonged and severe than those of past oil supply shocks," the GAO report said.

While the federal government has numerous efforts to forecast oil production and promote alternatives to oil, those efforts are spread across multiple agencies and are not focused explicitly on the "peak oil" problem, the report said. "There is no formal strategy for coordinating and prioritizing federal efforts dealing with peak oil issues," the GAO said. In letters to the GAO, the Energy Department and Interior Department agreed with most aspects of the report.

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