Click for full .pdf written by Clifford J. Wirth, Ph.D. here.
"This paper examines scientific and government studies in order to provide reliable conclusions about Peak Oil and its future impacts. Independent studies indicate that global oil production peaked in 2006 (or will peak within a few years) and will decline until all recoverable oil is depleted within several decades. Because global oil demand is increasing, declining production will soon generate high energy prices, inflation, unemployment, and irreversible economic depression. Alternative sources of energy will replace only a small fraction of declining oil production. Because oil under girds the world economy, oil depletion will result in global economic collapse and population decline. As oil exporting nations experience both declining oil production and increased domestic oil consumption, they will reduce oil exports to the U.S. Because the U.S. is highly dependent on imported oil for transportation, food production, industry, and residential heating, the nation will experience the impacts of declining oil supplies sooner and more severely than much of the world. North American natural gas production has peaked, importation of natural gas is limited, and the U.S. faces shortages of natural gas within a few years. These shortages threaten residential heating supplies, industrial production, electric power generation, and fertilizer production. Because U.S. coal production peaked in 2002 (in terms of energy provided by coal), the U.S. will experience significantly higher coal and electric prices in future years as coal production declines. The U.S. government is unprepared for the multiple consequences of Peak Oil, Peak Natural Gas, and Peak Coal. Multiple crises will cripple the nation in a gridlock of ever-worsening problems. Within a few decades, the U.S. will lack car, truck, air, and rail transportation, as well as mechanized farming, adequate food and water supplies, electric power, sanitation, home heating, hospital care, and government services."