Today’s global economy is causing shortages of natural resources (both renewable and nonrenewable) as we come to the end of what might be called the Age of Extraction. A true cost, steady state economy, on the other hand, would prevent resource problems by maintaining population and resource consumption well within the carrying capacity of the planet.
Energy and mineral shortages, along with depletion of forests and fisheries, are driving the extractors and harvesters to evermore remote places. No longer able to find gushing oilfields, vast stands of virgin timber, or waterways teeming with fish, the extraction companies are racing to the farthest reaches of the planet in search of profits.
The end of the Age of Extraction does not mean that such resources will disappear. In his recent book, The Quest, Daniel Yergin describes oil and gas discoveries that he predicts will turn the Western Hemisphere — from Canada to Brazil — into the next Saudi Arabia. But today’s extraction is pursuing fuels that are either dirty or hard to get. We see more pollution, both from accidents and mundane chronic causes, increasingly pushing civilization beyond the carrying capacity of the earth, wiping out more and more species, and accelerating climate destabilization.
Today’s global economic operating system tolerates and even abets severe pollution damages as industries externalize the costs from their books. Scarcity has made some of the most environmentally devastating energy and mining projects “short-term cost effective.” For example, according to price and revenue figures, it’s cost effective to extract oil from tar sands in Alberta, a process that requires huge energy inputs, grotesquely contaminates land and water, and poisons people, fish, and wildlife.
A surge of fracking to reach natural gas deposits more than a mile underground has attracted drillers in a manner reminiscent of the California Gold Rush days. Fracking, along with very deep offshore oil drilling, illustrates the contamination that is occurring from energy extraction in numerous locations. Shell oil company is preparing to drill in the Arctic Ocean where little if any emergency relief will be available to contain a spill.
Overfishing during the Age of Extraction (photo taken in 1983) has pushed the goliath grouper to the edge of extinction.