To the editor:
In his March 5 letter, “Oil crisis looms,” Steve Craven states that global oil production will peak in a few decades. Kevin Phillips, in his book “Bad Money: Reckless Finance, Failed Politics and the Global Crisis of American Capitalism,” published in 2008, states that the peak may well have been hit as early as 2007 and at the latest will be hit by 2020.
The recent rise from 2005 to 2008 of oil going over $100 per barrel and gasoline to $4 a gallon are strong indicators of this fact. He states that, during this time of low oil demand and price, world oil producers are filling oil tankers and holding them in storage until the demand goes back up and the low-priced oil will sell again at over $100 per barrel. No U.S. government entity has disputed this that I have heard about.
Is our government filling all of our oil storage reserve capacities? I doubt it. We are facing a crisis of unseen proportions. All of the catastrophic impacts Craven mentioned in his letter are detailed clearly in Kevin Phillips’ book.