Insight and inspiration in turbulent times.
As we previously forecast, the decline in world oil production is likely to occur in the next 1-4 years, a year having passed since we forecast 2-5 years. Some believe that weak worldwide economic conditions will significantly extend the onset of decline. We believe that the delay will be essentially negligible.
A weekly roundup of peak oil news, including:
-Oil and the global economy
-The EU’s financial crisis
-The Middle East
-The sands of Alberta
-Quote of the week
-Briefs
Daniel Yergin has written The Quest: Energy, Security, and the Remaking of the Modern World, designed to provide information that policy-makers can rely upon in shaping energy policy for the decades ahead.
This could be a dangerous reliance, for Yergin is an advocate for the fossil fuel community, not an honest broker of information. Nearly all the data cited in the book is from his company and is proprietary and non-public, so it can’t be verified or challenged. He doesn’t appear to take seriously the views of people he doesn’t agree with, and they are not included in his extensive bibliography or interviewee list.
It is with some trepidation that I prepare for a trip that includes an appearance before college students who generally find the idea of peak oil so disturbing that they do not want to even hear about it. And, I can’t blame them. They must think that I have come to destroy their dreams, dreams premised on a future of ever expanding material prosperity and career advancement.
– WaPo: Was Wall Street to blame for high oil prices?
– Yergin: The perils, prizes and pitfalls of the post-Gaddafi era of oil
– U.S. and Saudi Relations on Oil
– McKibben: The Cronyism Behind a Pipeline for Crude
In this post I’d like to begin to review Herman Daly’s notion of how to build a steady-state economy (which were ahead of their time—the first edition was written in 1977). His ideas are both deep and simple at the same time, and should be a foundation for any future economic system.
– Jeffrey Brown: Yergin cut his projected rate of increase in total liquids “Capacity” by 70%
– WaPo: What is ‘peak oil,’ anyway?
– Oil’s Most Accurate See No Reverse of Worst Run Since 2008: Energy Markets
– Al-Naimi Says World Oil Market Is Not Oversupplied as Demand Fluctuating
– CSM: Post oil: Glimpses of life after fossil fuel
The controversial and environmentally destructive practice of fuel extraction from oil sands could be “de facto” banned under the European Commission proposals.
Totnes is a tiny town in a tiny, but extremely fortunate, bubble.Mythic home of Transition and Rob Hopkins, conjoined (for some, uncomfortably so) with Dartington and Schumacher College, we’re connected to the wider world in a way that few rural towns could ever hope to be.
Last night, the bubble burst.
Deepening political anxiety about the economic crisis went public this week as Mervyn King, Governor of the Bank of England declared that “this is the most serious financial crisis at least since the 1930s, if not ever.” and David Cameron in his keynote speech to the Conservative Party Conference admitted that “the threat to the world economy – and to Britain – is as serious today as it was in 2008 when world recession loomed.”
The Financial Times and Wall Street Journal have gone into full crisis mode with live blogs continuously reporting unfolding events. Equity markets are falling and London oil prices have been flirting with $100 a barrel for the first time since February. Talk of recessions, depressions, and even collapse of the euro zone is everywhere.
There is a definite possibility, if not a likelihood, that the innumerable debt crises when coupled with high and ever increasing energy costs could evolve into a major economic depression.
A midweekly roundup of peak oil news, including:
-Developments this week
