The good news is that we’ll have enough oil to serve global needs as the economy transforms and we work toward stability. Unfortunately, this respite may cause many to disregard the fact that oil is a finite resource and cannot last forever. Peak oil will have to be recalculated but even a cursory review tells us that consumption is rapidly drawing down reserves. While it may not be the immediate crises reported over the past few years, its long-term significance is huge. Local communities, state agencies, and the federal government must plan for higher costs associated with oil and petroleum by-products, and that covers a lot of territory.
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