Matthew Simmons on the Price of Oil

At least China got to see the light at the end of the tunnel, nothing more though

we had the medieval times, renaissance, the industrial age, ????. What should we call the future one?

will this upcoming economic crisis cause a 3rd word war?

Before you say 'plenty', you need to understand demand. Global demand is 85 million barrels/day AND GROWING as China and India industrialize and create their own middle classes. Canadian tar sands HOPE that they can ramp up production to 1 million barrels/day. Meanwhile the US consumes 21 million per day and imports 14M of that.

how does natural gas play into the equation ? there seems to be more of that resource ready to exploit .. if you believe the believers anyway ..

Nat gas is great and the recent surge in production is welcome. I actually drive a car that uses it. But that doesn't mean that its enough to replace oil. It simply cannot.

We need a very aggressive energy strategy and we need it right now. 'Drill baby drill' is NOT a strategy.

How do you construct all of that? How about the resources required to build these assets? Even those processes will involve oil.

Saying that, replacing oil demand with alternative sources is not possible. Even in solar/ wind power heavy Northern European nations, where compact, anti-consumerist (points to tax rates) arrangements still have a significant demand for fossil fuels.

I agree, I think past the point of no return, short of finding a Cantarell or Gehwar sized oil field. In short we are fucked.
For my own entertainment and ironic musings I am installing a homemade solar panels, ie Harbor Freight on my house. Funny, I go into Home Depot's and ask for Solar & they look at me like I am asking em where the Home Nuclear battery's are.
Just bought a new sports car with the Cash for Clunkers, I'm putting the pedal to the metal till the gasoline is gone. Ha Ha.

"replacing oil demand with alternative sources is not possible"

Anything is possible, it's just a matter of time and money. Sure, it will be a chock to the system, but when oil starts surging to hundreds of dollars alternative energy is going to seem increasingly attractive. Indeed, I think it's fair to suspect that real economic forces will drive renewable energy much better than climate worries ever did.

Meanwhile, of course the demand is going to have to be curbed to some extent.

Again, it's due to the low demand at the moment thanks to the economic situation. Second, oil is NOT running out, instead availability of cheap oil is declining.

Canadian tar sands are NOT cheap sources.