Quote Originally Posted by Rick M View Post
an excellent UK study was released yesterday regarding government inaction on peak oil.
I personally don't think that we should point the finger at "inaction on peak oil" or demand action "on peak oil". The danger there is that if the supply/demand equation moves at any point in a direction not compatible with peak oil theories, that can serve as a justification for abandoning policies that are likely to be unpopular.

Better I think to emphasize that overdependence on oil exposes us to a whole range of risks, including but by no means limited to absolute depletion and the peak oil hypothesis. That emphasis can drive a range of actions from both public and private sectors, ranging from increased investment and development of investment structures that satisfy host country nationalism to greater efficiency, conservation, and plans for sudden shortage.

The "invisible hand" actually has a vital role to play, and it is critically important that oil remain expensive regardless of supply/demand shifts. Policies to manage the range of risks resulting form oil dependence require will on the part of government, business, and the populace; when the price of energy drops, that will evaporates.