The end of the “Oil Age”

The World

Many of us are thankfully seeing some relief at the pump. Gas prices have plummeted to almost half to what they were last July, and in some places, gas is selling for under $2 dollars a gallon; this despite widespread predictions that $4-dollar-a-gallon prices were here to stay.

Gas prices may have dropped, but energy analyst Michael Klare tells "The World" host Marco Werman that this is only temporary.

According to Klare, the lower oil prices are due to the current economic crisis which, " … suppresses demand, and creates a temporary abundance of oil, bringing down prices, and that’s what we are seeing, and will probably continue to see into 2009, maybe beyond, but this is a temporary phenomenon and it will disappear."

Klare points to a recent report by the Paris-based International Energy Agency (IEA that says the world’s largest oil fields are running out of oil at twice the rate that we’d previously assumed, and says the end of the "Oil Age" is fast approaching.

PRI’s "The World" is a one-hour, weekday radio news magazine offering a mix of news, features, interviews, and music from around the globe. "The World" is a co-production of the BBC World Service, PRI and WGBH Boston.

More "The World."

Kickstart The World’s fundraising drive!

The article you just read is free because dedicated readers and listeners like you chose to support our nonprofit newsroom. Our team works tirelessly to ensure you hear the latest in international, human-centered reporting every weekday. But our work would not be possible without you. We need your help.

Make a gift today to help us raise $67,000  by the end of the year and keep The World going strong. Every gift will get us one step closer to our goal!