The power to create wealth gave Midas an unsustainable life as a complete solipsist. Oil’s power to create wealth has had a similar effect on Neoclassical economics.
Articles: fossil fuel production (5)
Around the world, carbon-based fuels are under attack. Increasingly grim economic pressures, growing popular resistance, and the efforts of government regulators have all shocked the energy industry.
The U.N. Intergovernmental Panel on Climate Change (IPCC) has just issued its third of four planned reports. This one is on “mitigation” — “human intervention to reduce the sources or enhance the sinks of greenhouse gases.”
Ultimately, the issue is that to extract oil or any fossil fuel, we have to keep the financial and political systems together. These systems can be expected to fail, far before we run out of oil in the ground.
In case you haven’t been able to keep up with all the details and implications of ever-spiralling global energy use, the financial risks are increasingly varied.