To the Point

Oil Production Peak, Armageddon or Chicken Little?

Gasoline prices are rising again, with one survey claiming a national record of $1.77 per gallon. Despite predictions of $3 a gallon before the end of this summer, even by today-s standards, the energy that drives the world-s economy is dirt cheap. Yet, recent books called Out of Gas and The End of Oil are solemn reminders that that will inevitably come to an end. The question is, how soon? New research predicts that supply may stop meeting demand sooner rather than later, with drastic consequences for civilization and planet Earth. Are those the fantasies of Chicken Little, or does the world face massive economic depression and even -energy wars" in the next 30 years? Warren Olney leads a spirited debate among energy reporters, economists, energy trade representatives and a Clinton White House Energy Department official. Reporters Notebook: George Bush-s WMD Joke and Presidential Humor At the annual Radio and Television Correspondents Association dinner on Wednesday, President Bush showed amusing photos of himself searching the Oval Office. "Those weapons of mass destruction gotta be somewhere. Nope, no weapons over here..." While 1500 politicians and journalists joined in the laughter, questions have been raised about his taste and timing. Newsweek reporter Howard Fineman was among them.