Post 'Peak Oil' - the 'Oil Crunch'

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Watch this 8 minute video from ABC with Dr Jonica Newby discussing the 'Oil Crunch'

Dr Newby says "Oil price impacts everything, yet at some point, world oil production will peak - and then decline. Five years ago, when I first reported on this, the idea world Peak Oil was soon was sort of laughed at by the mainstream.So I'm curious - what are people saying now? Which is why my first stop is here, the headquarters of the International Energy Agency. It puts together the forecasts on oil production over the next 20 years - and it's the body many governments, including our own, look to for accurate advice.

http://www.abc.net.au/catalyst/stories/3201781.htm