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Britain’s leading oil scientists — including the man who for years prepared BP’s in-house estimate of future world oil supplies — have concluded that peak oil is here. In a special issue of the journal of the Royal Society, they argue that the era of cheap oil is over, and that an era of rising prices, recessions, famines and resource conflicts is beginning. In this global context, they dismiss the so-called shale oil “revolution” in the United States as insignificant and short-lived. The story, whose implications for our immediate future cannot be overstated, was reported by London’s Guardian newspaper and virtually nowhere else in the general media. Continue reading