Peak oil is closing in

Heard of peak oil? It's the name given to a prediction that the world's oil production will reach a peak, and then rapidly decline; and that the actual peak year will only be known after it has passed. And the theory had last week's biennial New Zealand Petroleum Conference all abuzz, as Rob Maetzig reports.

Matt Simmons might be small in stature, but he's a giant in the worldwide oil industry.

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