Representative Backer, co-founder of the Connecticut Legislative Peak Oil and Natural Gas Caucus said, "We are standing at the doorstep of a sea change in energy and our consumption of it. The world's oil supply so critical to every aspect of modern life and is not keeping pace with demand globally. It is unlikely that enough supply and flow will ever be generated to satisfy the global economy and demand –everything changes from here in and we must be prepared"

Moscow expelled two U.S. military attaches on Thursday following the ousting in recent months of two Russian diplomats from Washington, with the United States also criticising the war of words with neighbour Georgia.

Included in the bill is a diktat to the Commodity Futures Trading Commission [CFTC] to substantially raise margin requirements for oil futures. That measure, say the bill's sponsors, would discourage excessive speculation which is blamed for fueling oil's meteoric price trajectory.

Rights groups say the decision is a turnaround for Perupetro, which previously had indicated it might open up the protected areas for bidding.

Its full title was Acknowledging and Confronting the Inevitable: A Significant Shrinkage in Global Human Numbers, and Other Inconvenient Truths. Some readers may find Ken's timing-scenario for depopulation optimistic -- picturing it further off into the future than the 21st century -- but he acknowledges its possibly being played out earlier due to today's "toxic brew" of crises.

Less than a month ago, the United States similarly lost its claim to superpower status when a barrel crude oil roared past $110 on the international market, gasoline prices crossed the $3.50 threshold at American pumps, and diesel fuel topped $4.00. As was true of the USSR following the dismantling of the Berlin Wall, the USA will no doubt continue to stumble on like the superpower it once was; but as the nation's economy continues to be eviscerated to pay for its daily oil fix, it, too, will be seen by increasing numbers of savvy observers as an ex-superpower-in-the-making.

Like it or not, most of us are going to be riding some form of mass transit or multiple passenger vehicle – trains, buses, trolleys, car pools, van pools etc.- while waiting for our cars to be replaced with electric or higher mileage vehicles. As there are currently about 220 million cars and light trucks registered in the U.S. and 700 million or so elsewhere, the replacement process is going to be lengthy one.

Hillary even hit upon one this week when she called for taking tough action against OPEC.

India shocked the markets yesterday by suspending trading in futures contracts for a range of farm products in a bid to clamp down on alleged speculators and curb inflation, now running at 7.6pc.

The company says that the rising cost of off-shore wind farms could end up ruining the government's renewable energy targets.

Should governments be taking any action to encourage or discourage use of sensitive commodities? Is a federal gas-tax holiday like the one proposed by John McCain and Hillary Rodham Clinton the right way to handle a finite resource? Gary Gardner and Gregory Clark debate.

"Just in the past few minutes ... things have gotten a lot worse," CNN's Cal Perry reported from downtown Beirut. The sound of gunfire and rocket-propelled grenades could be heard throughout his live reports.

Many politicians and energy industry analysts blame oil speculators for cashing in on the fuel cost crisis and, in the process, boosting the price of oil. Hedge funds, trusts, and independent investors have also poured funds into crude oil as a hedge against the weakened dollar.