The 2005 energy crunch feels a lot like the 1970s

http://news.yahoo.com/s/csm/20051003/ts_csm/a1975

HOPKINTON, MASS. - A year ago, firewood entrepreneurs Gary and Bruce Garner sold 1,000 cords of wood, for about $180 apiece. This year, sensing increased demand, they bumped up the price to $220. But they still ran out of wood in September - two months earlier than last year.

Welcome to fall 2005, which is starting to look a lot like 1970s, when the aftermath of an Arab oil embargo crimped American energy consumption.

True, recent gas lines in Houston and elsewhere were caused by hurricanes rather than government rationing. Still, there are numerous signs - from wood stoves to locking gas caps - that the public may be on the cusp of moving back toward a more energy-conscious lifestyle.

"People seem more concerned now than they were back then," says Gary Garner, who began selling firewood with his brother in 1978, shortly before the second energy crisis.

After the gas crisis of the 70s, many thought we had "dodged the bullet" because oil prices dropped.

They dropped primarily because the oil started flowing from Prudhoe Bay and from the North Atlantic rigs. These new sources helped drive and keep down prices. Now that they are both well past peak and are in decline, they can no longer affect prices.

There are no new big fields coming online now or in the future. All the easy oil has been found and exploited; all that remains is lower quality and more difficult to extract.

They were thinking it has 178 Billions barrel, in fact there is only between 15 and 31 billions barrels.World need 1 billion barrels every 12 days (84mb/day) ,this mean the biggest discover of the last decade will only supply 6 month to 1 year world demand.

like it did in the 1980s. This problem is here to stay, until the world migrates to more sustainable energy sources.