DOE says world to reach peak oil within 20 years

A U.S. Department of Energy (DOE) reports states that the world will most likely reach its peak oil level within 10 to 20 years. "Peak oil" is the point where oil supplies are at their maximum; any further demand will force higher prices as remaining supplies plummet.

The report provided four alternatives: vehicles with better fuel economy; coal liquefaction; producing fuel from oil shale; and new methods and technology to continue extracting oil from spent fields. The DOE's report, though, shows that such options could not fulfill half the U.S.' fuel demand until 2025 and it would be disastrous if the oil peak is reached prior to that year.

Popular alternative technologies such as ethanol and electric vehicles were considered, then dismissed, since they would have no serious impact on fuel use in the next 20 years.

[Source: The New Mexican]

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