Oil Depletion Protocol Launched
When the laws of physics come up against the laws of economics the laws of physics always win.
The Oil Depletion Protocol - see link - is designed to handle the real consequences of the limits of the availability of Oil. Conventional oil production has already peaked, but gas and other types of oil will probably peak in production in about 2010. There is no technological quick fix that resolves this issue.
Historically energy supplies came mainly from wood, charcoal, coal, oil, gas with some nuclear and hydroelectric etc. Until the point at which Hydrocarbons peak there has always been an easier to use and generally better energy source. After that point it is human behaviour that will need to consciously change to deal with the new constraints.
We are already seeing ripples in the supply chain. The issue of "Peak Oil" is now discussed more frequently. Even the IEA accept that oil production could peak by 2015 if there is "insufficient investment". The larger oil extracters' tactics are shifting gradually.
Unlike action to deal with climate change which is a self-denying ordnance, peak oil will be an external factor that will drive change. There will basically be less oil available each year - and there will be price problems.
If we do not adjust oil consumption voluntarily then price mechanisms will ratchet in the system. My big concern is for the financially weaker members of society. That is why I have sympathy with tradeable energy quotas. However, for the moment the conventional wisdom is that oil production is nowhere near peaking. That conventional wisdom will shift, but probably after it has peaked.