Buffett and Munger On Peak Oil  

Morningstar has a review of he latest Berkshire Hathaway festival, with Warren Buffett and Charlie Munger offering some opinions on peak oil.

Buffett and Munger also commented on the topic of peak oil. This is the argument over whether the world is soon going to reach a peak in oil production before production flattens and eventually falls. They both seemed to agree that we were indeed close approaching a time of peak oil production, though Munger was the more vocal of the two. He noted that all energy resources on the globe--oil, natural gas, coal, uranium--are finite resources and will eventually run out. Therefore, the sun and the wind are essentially the only truly renewable alternative energy resources, and they will eventually have to be tapped in a large way.

Putting Munger on the spot concerning peak oil, Buffett asked him to give an "over/under" on what he thought oil production would be in 25 years. In typical Munger fashion, he gave a terse response that perfectly explained his opinion: "down."