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Rising gas prices, economic uncertainty, and the collapse of the dollar are just some of the signs that a recession is at hand. But is this just another recession or a sign of something more disastrous? We all know those people, you know those people that are always talking about the end of the world. "Hey man global warming, a nuclear Iran, third world poverty, everything is collapsing," the doom sayer blurts out. Yet there is a little, nagging feeling in the back of our heads and in the recesses of our hearts that says, "Maybe he's right this time." And then we shrug it off.

What is Peak Oil?

Most people know that oil being a fossil fuel is limited. This limitation on it's supply is a given, yet because scientists and geologists place the oil termination date around 2080 people think there is still plenty of time. This couldn't be farther from the truth. Like all limited resources oil production cost versus supply runs on a bell curve. This bell curve like all bell curves has a peak. Before the peak, oil has a reasonable enough supply to offset the price of extraction. After the peak the supply is not enough to warrant extraction. This means it costs too much money to get oil. This peak is occurring right now!

Oh come on, no one official is saying this, you might say, but they don't have to. One clear proof is the rising price of oil. At the time of writing oil reach 110 dollars per barrel, a new record. High energy costs are listed as one of the biggest reasons for the stress on an already stressed economy.

How Long Have We Known About This?

In 1956 Dr. Marion King Hubbert, a Shell geologist, accurately for casted the peaking of U.S. Oil production in the 1970s. His bell curve came to be known as "Hubbert's Peak" which is another name for Peak Oil. Papers have been written from the CIA and and speeches given by oil experts detailing the very near situation of Peak Oil. Even Vice President Dick Cheney spoke about the subject. In a 1999 speech Cheney delivered, he said:

"By some estimates there will be an average of two per cent annual growth in global oil demand over the years ahead along with conservatively a three per cent natural decline in production from existing reserves. That means by 2010 we will need on the order of an additional fifty million barrels a day."

What this means is that supply will not be able meet demand. Cheney himself admits that Peak Oil will occur sometime by 2010.

What's the Big Deal?

Most people are probably asking, "What's the big deal?" The big deal is this: No more cars, medicines, low priced food, computers, and so on and son. The world runs on oil and it is oil which runs the world. Everything is manufactured by oil, even those nice alternative fuel vehicles, they too need oil to run the manufacturing equipment.

Due to transporting and manufacturing food costs, food prices are expected rise. This will exacerbate already fragile social and economic conditions. Medicines will be more expensive and alcoholism and drug abuse will soar even higher. Most analysts expect a new series of resource wars to break out, adding to a very fragile geopolitical reality.

So What Should We Do?

Most analysts agree that one needs to prepare, but there is much disagreement on what that should consist of. Some people are already disconnecting their houses from the grid or stocking up on food and others are investing in alternatively fueled vehicles. This can all help, but will not take care of the problem in general. There is broad agreement from analysts that people should try there best to be debt free. Other than this a positive mind set and one which stays up to date on the situation will help alleviate most of the trauma as the world slips into a new reality.