Oil and Gas:

Author Kenneth Deffeyes predicts oil production peak of Thanksgiving Day, 2005

In 1956, geologist M. King Hubbert accurately predicted that United States oil production would peak in the early 1970s. Nearly half a century later, another expert using the same theories says world production could reach its apex this year. Geologist Kenneth Deffeyes joins OnPoint to talk about his latest book, "Beyond Oil: The View from Hubbert's Peak," and explain his energy forecasts. Deffeyes describes the economic fallout that could accompany a global peak in oil and also examines whether natural gas, nuclear power, hydrogen and other energy sources are good alternatives.