TO bad this is about Australia and not the US Senate.. I like the conclusions that the Australians are thinking about aka this is a future event and most people are not thinking beyond a 25 year span..
http://www.fcnp.com/index.php?option=com_content&task=view&id=239&Itemid=33This report to the Australian Senate is important in that an independent public body, after reviewing a wide range of evidence for and against the imminent peaking of world oil production, has reached conclusions and made recommendations.
The report is refreshing in that it approaches peak oil backwards. Instead of launching into the reasons many believe world oil production will peak soon, the report begins by reviewing the reasoning behind the “official” predictions that it won’t.
The “official” arguments that most governments, oil companies, and international organizations use to argue that there are many decades of increasing world oil production ahead are roughly as follows:
After noting that almost no thinking has been done beyond 25 years from now, the Committee notes, “in view of the enormous changes that will be needed to move to a future that is less dependent on conventional oil . . . longer term planning is needed.”