By Kevin Morrison in London

Published: October 12 2006 18:48 | Last updated: October 12 2006 18:48

The world’s stockpiles of wheat are at their lowest level in more than a quarter century, according to the US Department of Agriculture, which on Thursday slashed its forecasts for global wheat and corn production.

The lower forecasts were largely attributable to the severe drought in Australia, where the forecast for this year’s wheat crop was cut by 8.5m tons to 11m. That is less than half of the 24m produced last year, of which about 17m went to exports.

This is a must see documentary produced by Ronan Doyle. Do yourself a favor and take a 50 minute break and watch it now. It is that important.

If you're not in shock when it is finished, leave a comment on your thoughts about it. Have Fun!

Introduction

Although the debate is growing around the point in time when global oil production starts to decline permanently, for countries or regions where oil production is null or very low, the amount of oil available for trade in the market is a much more relevant issue. Such is the case of the European Union; with oil consumption topping 14.5 Mb/d, only two of its member states figure in the exporting countries list, and both with marginal numbers. More than worrying with a Peak Oil date, importing countries should worry on the future availability of tradable oil.

The project “Asleep in America ” is a documentary that explores the topic of Peak Oil. Experts agree that Global Peak production will surely happen. They disagree only on when it will happen. Oil industry analysts predict the Global Peak could occur around 2020. Critics disagree and provide evidence suggesting the Peak will occur as early as 2010. Either way, the Peak is inevitable. See the promo here:

Push for New Policy Puts Oil-Rich West At Odds With Big Automakers in East

By Doug Struck
Washington Post Foreign Service
Thursday, October 5, 2006; Page A28

TORONTO, Oct. 4 -- Canada's conservative government, groping for a new policy on climate change, is facing a dilemma over how to deal with greenhouse gas emissions from the hugely profitable Alberta oil fields in western Canada.

At a meeting with auto industry executives Tuesday, government officials backed away from reports that they would impose California's tough emissions standards on the auto industry in eastern Canada. The curbs had drawn loud protests from auto industry supporters, who contend that the oil fields should bear the greater brunt in addressing climate change.

The meeting exposed bitter differences between eastern and western Canada about who should shoulder the cost of curbing greenhouse gases.

What Do Falling Oil Prices Tell Us about War with Iran, the Elections, and Peak-Oil Theory
By Michael T. Klare

What the hell is going on here? Just six weeks ago, gasoline prices at the pump were hovering at the $3 per gallon mark; today, they're inching down toward $2 -- and some analysts predict even lower numbers before the November elections. The sharp drop in gas prices has been good news for consumers, who now have more money in their pockets to spend on food and other necessities -- and for President Bush, who has witnessed a sudden lift in his approval ratings.

Is this the result of some hidden conspiracy between the White House and Big Oil to help the Republican cause in the elections, as some are already suggesting? How does a possible war with Iran fit into the gas-price equation? And what do falling gasoline prices tell us about "peak-oil" theory, which predicts that we have reached our energy limits on the planet?

Oil analysts are raising their price estimates for next year in anticipation of increased demand that may outpace the development of new deposits.

Crude oil will average $64 a barrel in New York in 2007, according to the median forecast of 29 analysts surveyed by Bloomberg News last week. That's $2 higher than predicted at the end of the second quarter. Analysts failed to predict the rise in oil throughout a five-year rally during which prices tripled.

The United States, China and India are moving to assert control over the sea lanes through which they receive critical energy supplies amid fears in Beijing of a US blockade of the Malacca Strait in the event of a crisis over Taiwan, experts said.

The United States at present has vast control over the major so-called "choke points" on the world's sea lanes, said experts at a recent forum in Washington.

Oil rose on Thursday after OPEC officials said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices.

Top world exporter Saudi Arabia will lower production by 300,000 barrels per day (bpd) as part of the plan, an OPEC delegate said. Oil has slid from a peak of $78.40 in July, alarming OPEC, partly due to brimming inventories.

"Prices would have kept coming down unless we saw concrete action by OPEC," said Adam Sieminski, analyst at Deutsche Bank. "The build in inventories is telling you the market is pretty well supplied."

BUSINESS ethics have mostly to do with business. But business is touched, sometimes trampled on, by government in a large way. So let’s imagine that there is such a thing as government ethics as it relates to the conduct of business, and talk about that.

California is my home. It’s a beautiful state with mostly great weather, endless beaches, haunting deserts, immense redwood forests, seascapes and escapes that most people can only dream of. In short, it’s a fine place. I especially recommend Santa Cruz.

But lately, the escutcheon of the state has been darkened by a fellow named Bill Lockyer, our attorney general. He’s going after one of the mainstays of life in the Golden State in a way that is so confused, so terrifying an abuse of state power, that it begs for redress