Roscoe Bartlett: “sometime ago, our Department of Energy commissioned a study with SAIC, Science Applications International Corporation…”

“sometime ago, our Department of Energy commissioned a study with SAIC, Science Applications International Corporation, to do a study on the peaking of world oil production, impacts mitigation, and risk management. This very prestigious scientific organization took some time to complete this study; and when they completed it, they made a recommendation to the Congress and to the Department of Energy. Part of what they said in their recommendation is included here: ``The peaking of world oil production presents the U.S. and the world with an unprecedented risk management problem.'' That is quite an adjective to use. No risk problem like this ever in the history of the world is what they are saying: ``. . . unprecedented risk management problem. As peaking is approached, liquid fuel prices and price volatility will increase dramatically. And without timely mitigation, the economic, social, and political cost will be unprecedented.'' Again, Mr. Speaker, they are pointing out, and they will use these words in a chart I will have a little later, that the world has never faced a problem like this. ``Viable mitigation options exist on both the supply and demand side, but to have substantial impact they must be initiated more than a decade in advance of peaking.'' When will peaking occur? Do we have a decade? And they are saying if we do not have a decade, we're going to have problems.…”