Oil Crisis

Virgin CEO Richard Branson talked about a chilling fact: a new report that was just published predicts that demand for oil will exceed supply in a short 5 years. Many reports have warned of peak oil and the lack of such in the face of increasing demand, but so far the world has failed to react appropriately to such predictions, and only continues to use petrolium more and more every year. When demand does in fact exceed supply, horrible social, economic and political consequences will occur, such as the rapid skyrocketing of oil prices, but most importantly, a number of countries, such as China and India will be paralyzed if they cannot obtain the oil they have come to rely on. Wars could easily break out, and in short, the world could easily be thrown into a state of crisis. In your opinion, is this report accurate or exagerrated? Do you think that the countries around the world are preparing correctly for the coming oil shortage? And lastly, what do you think will happen around the world if the oil shortage does come and we are not prepared?