Uncontrolled oil dependence is a threat to national security that could destroy the economy and increase CO2 emissions.

The purpose of this paper is to review and make recommendations from analytical reports published in 2004 and 2005 that show why world oil production peaking is certain to happen. An early oil peak would induce a catastrophic world-wide depression with a late oil peak mitigation of oil dependence over ten years is feasible enabling economies to survive. This paper describes why government intervention is necessary to prudently risk manage the unsustainable growth of oil dependence. Planning, researching and developing practical measures to mitigate the potentially disastrous consequences of conventional world oil production peaking is needed at least ten years before the peak. Adapting to oil peaking without boosting carbon dioxide emissions will be extremely complex, will involve trillions of dollars invested world wide and many years of intense effort by all the developed nations. Oil peaking presents Australia and the world with a risk management problem like that of global warming. (a) For the covering entry of this conference, please see ITRD abstract no. E213716.