A well-connected industry insider has concluded that some of the world's largest oil beds may be on the verge of production collapse. He writes: "I believe we are either at or very close to peak oil. If I'm right, then we have to assume that five or 10 years from now we'll be producing less oil than we are today. And yet we have a society that is expecting, under the most conservative assumptions, that oil usage will grow by at least 30 to 50 percent over the next 25 years. In other words, we would end up with only 70 percent of the oil we have today when we would need to have 150 percent. It's a problem of staggering economic proportions - far greater than the temporary setback of a terrorist attack on energy infrastructure - that could end up leading to more geopolitical fistfights than you can ever imagine. The fistfights turn into weapon fights and give way to a very ugly society."

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