"When oil supplies run out, civilisation will collapse" Agree or disagree?

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The issue that is being called "peak oil", puts the situation into perspective- "Peak oil" does not refer to the complete loss of the world's oil reserves, but the moment when 50% of the World's reserves of this finite fuel source has been used. When we begin to look at this we can see just how dire the situation is going to become...
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When we begin to look at this we can see just how dire the situation is going to become. When 50% of the world's oil has been used the prices of oil, petrol and diesel will soar several times higher than they already are today. And what will we do when people can no longer afford to fuel their cars or when buses, trains and aeroplanes will not be able to fuel up...
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Changes in the Supply, Demand and Pricing of Crude Oil and Gasoline Additional factors in the pricing of gasoline and in the supply and demand of this product are the increased demand for refined products such as diesel fuel and heating oil, a growth in the population which effects the need for additional crude oil and gasoline, the war in Iraq and weather, such as hurricane season, to name a few...	2 / 377