Web cast prof. Jepma: "War on oil"?

At the beginning of 2008 the price of a barrel of oil reached the level of100 US dollar.This caused some panic on the markets. A few weeks later the price dropped again to levels around 90 dollars. Can we interpret these events as signs that a new oil crisis is on its way, or are we just witnessing some market fluctuations?

Professor of Energy and Sustainability and Scientific Director of Edrec , Catrinus Jepma explains in a web cast, why the price of oil has risen about tenfold during the last decade. The American geologist Hubbert already predicted in 1969 correctly that the American oil production would peak in the early seventies, and steadily decline thereafter. Nowadays world conventional, cheap oil is running out while demand for oil is still rising. This will cause problems, if not international conflict. In the next century renewable energy will most likely be our main resource. Jepma claims, however, that we have to make a fast and active tranistion to other sources of oil and other energy rescources right now, since Hubbert’s peak has been reached for worldwide cheap oil.