The World As We Knew It Has Been Left Behind
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    Group warns of oil crunch

    By Adam Porter

    [For contrasting view, see story above]

    If you think oil prices are high at $40 a barrel then wait till they are four times that much.

    How will you pay to run your car? How will you get the children to school? How will you heat your house? How much will transported food go up in price?

    How will we pay for plastics, metals, rubber, cheap flights, Simpson's DVDs, 3G phones and everlasting economic growth?

    The basic answer is, we won't. This is the message from the Association for the Study of Peak Oil (ASPO).

    The group of oil executives, geologists, investment bankers, academics and others has been warning the world of high oil prices, and the ensuing fallout, for some years now.

    The end of cheap oil

    It includes a diverse range of oil industry insiders.

    People like Ali Bakhtiari, head of strategic planning at Iran's National Oil Company (NOIC), Dr Colin Campbell, a former executive vice president of Total-Fina, and Matthew Simmons, an energy investment banker and adviser to the controversial Bush-Cheney energy plan.