The world has plenty of oil to meet all future needs. What seems to be the hard concept for people to understand is extraction. There is more oil reserves getting depleted than new pumping operations coming online. OPEC not wanting to increase production is the wrong way to look at this. The truth is they're already at their maximum output. I swear Dennis Neeale is retarded. He keeps saying consumption is up 4% but crude is up 40%. It's obvious he skipped out on Basic Econ 101 and it's a shame that a national business channel would allow such a statement to go unchallenged. Let's face it. Oil is not going to go down until we change our consumption habits. Suburbia and the 50 mile commute will soon be dying along with the gas guzzlers and the transportation of food from Northern California to Southern Florida. The future will be to think local. What we're experiencing now is the pains of building a society revolving around cheap energy. There is only one end result: a change in the bad habits of society. It may be a good thing as people will begin to walk short distances rather than take the car. There is so many health benefits tied to this. Also, traffic should be a lot less as people will relocate near their work.
Watched part of the video. I may read his book(s). Suppose I discovered a large wheat field and claim bread should be ten cents a loaf. Everyone needs bread to eat to live just as one may argue everything is oil related. Should we all be richer with 10 cent bread? I'm not quite sure what the point of $1.50 gasoline would be. We all would be richer? Regardless of the commodity it is all politicized.