Top Geologist Foresees End of Petroleum Era
NEW YORK — You wouldn't know it by sliding oil prices these days, but, if a new book suggesting crude supplies are running out turns out to be right, oil prices could be sky-high in less than a decade.
While the end-of-oil-soon idea has its share of critics, the stakes are high if they're wrong: The world economy could plunge into recession unless alternative energy sources are lined up to replace it.
In the new book, "Hubbert's Peak: The Impending World Oil Shortage" (Princeton University Press), author Kenneth Deffeyes argues that global crude oil production will reach its zenith in one to seven years, then begin a long and slow decline.
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