Insight and inspiration in turbulent times.
Paul Roberts For the tens of millions of American motorists patiently waiting for gas prices to come back to Earth, the news from the oil markets is not encouraging.
For the last year, government forecasters have reassured us that the unusually high oil prices we’ve seen since 2002 — around $30 a barrel — were temporary: As soon as global markets recovered from the mess in Iraq, oil prices would drop and gasoline prices would eventually follow.
IN POORER COUNTRIES, a rise in the price of bread can set off a revolution. In this country, the price of gasoline sometimes seems to have the same kind of power.
The average nationwide price of a gallon of gasoline in America reached a record high of $1.77 this month. Get ready for what might become the economy’s version of the perfect storm later this summer. The devastation could quickly spread to the UK and the rest of the world, with dire consequences for the global economy.
In this two-part analysis, Stan Goff exposes the underlying forces driving the current crisis in Haiti. The recent coup d’etat is only the latest in two centuries of violent transfers of power in that country – but today the regional balance of forces is refreshingly new.
A transcription of a talk given to the “Truth and Consequences” Anti-War Forum at the University of Maine, Augusta, Maine, on March 20, 2004.
Fresh and local food … and not just at weekend markets anymore.
“…With the current growth rate in demand for copper running at over 400,000 tons annually, even assuming all capacity is brought on line, within 3 to 4 years available supply will not be able to meet world demand. Why the looming imbalance? As is so often the case these days, look to China and India, where the rush to build the infrastructure necessary to sustain economic growth is soaking up commodities on a global scale. It is a very good time to start paying attention to copper…”
Energy forecasts call for Saudi Arabia to almost double its output in the next decade and after. Oil executives and government officials in the United States and Saudi Arabia, however, say capacity will probably stall near current levels, potentially creating a significant gap in the global energy supply.
Doubts cast on the wisdom of the US/Iraqi administration going for maximum production from Iraqs degraded oil fields.
The period after November is pre-programmed to be one of the most dramatic in US economic history. The Federal Reserve will then try to print dollars like crazy to control the collapse. The impact of the new US economic decline will be worldwide. It will hit just as the first alarming signs of oil peak production impact the world.
The Bulletin of the Atomic Scientists takes notice of the peak oil problem.
The producer of fuel cells that can recharge mobile phones and portable music players told industrialists and policymakers last week not to count on the power packs to solve the energy crisis.
