Peaking of world oil production : impacts, mitigation, & risk management.

The authors warn that the imminent peaking and decline of world oil production presents the U.S. and the industrialized world with an unprecedented challenge, noting that even under optimal circumstances, a shift away from fossil fuels will be difficult, time-consuming and costly. They note that, although the future date at which energy-industry experts predict that oil peaking will occur varies, oil may become scarce and increasingly volatile in price well before the actual peak occurs. In this candid and sober assessment of the peak-oil threat, they believe that a massive mitigation program would need to be started by the government 10-20 years prior to the watershed moment of a peak, in order to avert a shortfall of liquid fuels and widespread economic hardship.