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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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From: 22jt11/1/2004 1:54:24 AM
   of 1183
 
OIL PEAK DEBATE

Oct 31, 2004 (Voice of America News/ContentWorks via COMTEX) -- HOUSTON

HEADLINE: With Oil Production Near Peak, Science Has Yet To Find Another Source To Meet Growing Demand

INTRO: Oil companies are reporting record profits as prices for crude on the world market remain high. Many companies have been reluctant to spend much of their new profits on exploration and development, however, because past experience has shown that rapid price increases are usually followed by sharp downturns. But, as VOA's Greg Flakus reports from Houston, there are also experts who believe oil production could be on the verge of peaking, resulting in even higher prices ahead.

TEXT: Most people in the oil and gas industry believe .....

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