Iran an example of 'peak oil' fear
Malaysia Sun
Thursday 28th June, 2007
Iranian citizens are furious the government has introduced petrol rationing. There have been demonstrations, and at least one petrol station was set on fire.
Iran has the world's second-biggest proven reserves of oil but is limited in refinery capacity.
Iranians were only given two hours notice before petrol rationing began.
Motorists rushed to petrol stations to fill up their cars before the deadline, choking the city's streets and fighting for limited supplies.
Under the new rules, drivers have been restricted to buying 100 litres of petrol a month, or just over three litres a day.
American petroleum economists say the events in Iran provide a timely warning as the world approaches ‘peak oil’, when the peak moment of exploration is passed and oil becomes scarcer and more expensive.
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