Does global peak oil sound the death knell of the SUV?

Today’s news that auto giant GM is shutting down four pickup truck and SUV factories thanks to spiraling gas prices will likely be seen as such by many global peak oil theory advocates.

Bill Bonner goes into further detail on the relationship between oil prices and a strange phenomenon gripping the US… Americans are driving less.

It’s a peak oil ‘myth’ that we’re running out of oil, according to the London Times.

The article, titled “It’s a myth that the world’s oil is running out,” is written by Irwin Stelzer, a director of economic policy studies at US think tank the Hudson Institute, and raises interesting questions about peak oil theory.

Stelzer insists that although what he calls the peak oil myth is pervasive, it’s ultimately untrue.