[TIPS] Peak Oil revisited

Anyone remember this post: http://tipline.blogspot.com/2007/05/tips-writing-prompt-for-your-economics.html In it I suggested that a good writing prompt for your economics students might be to tell them that they opened the paper today and read two words in the large headlines: Peak Oil! I asked them to predict what would happen if that should ever be announced. What would happen to the price of a barrel of oil?

Well, today in the Ted Blog I read about THIS article in News.com: http://blog.ted.com/2007/10/peak_oil_chevro.php. Peak Oil!

Point your students to this article and have them speculate. Then see if this manages to make the news. And what does it say if it DOESN"T make more news? Check out this quote: "Chevron's Paul estimated that we will have consumed half of all the oil that ever existed -- 1.5 trillion gallons, out of 3 trillion -- by 2012." He goes on to say, "However, Paul said, 'I don't think it has to be the catastrophe that other people have predicted, because there are other ways to make fuel.'" Yes, but we're going to spend a trillion dollars in Iraq, NOT on alternative energy research.

Anyone else a little nervous about this announcement? Let's watch the price of oil for a while.