The Peak Oil Crisis: The word begins to spread

Last week Bloomberg, "the leading global provider of data, news and analytics," published a balanced, carefully researched, 4,200 word article on peak oil. For those of us who follow the peak oil story, this was an event of earth shaking proportions. The article covers most aspects of the peak oil story including extensive quotes from all sides of the issue. The piece is entitled "Peak Oil Forecasters Win Converts on Wall Street to $200 Crude."

The author, Deepak Gopinath, captures the essence of peak oil in one succinct paragraph: "Proponents of this controversial idea say global oil production is now at or near its zenith. Once the flow crests and starts to decline - and some geologists say it already has - oil will no longer be able to slake the world's growing thirst for energy. The result will be the oil shock to end all oil shocks. The price of a barrel of crude will spiral to $200 - and keep rising. To the peaksters, today's energy crunch is nothing next to the pain that will follow."

Nearly everything in the peak oil mantra is mentioned in the story. On balance this story is about 90 to 10 pro peak oil. The evidence peak oil is for real and imminent is laid out in some detail while the doubters simply assert their beliefs all is well and that no peak is in sight. Obviously thousands of influential opinion makers, financial analysts and policymakers are aware of this story and have taken the message at least partially aboard.

- This Bloomberg article is a milestone in advancing peak oil awareness. It is the latest big step forward in a process that National Geographic started back in May 2004 with its "End of Cheap Oil" issue.

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