Wednesday, September 17, 2008

Back to your lives citizens...nothin' to see here

Oil's at 92.something a barrel. We can all breathe easy. Peak oil's a flawed theory. At least that's what many are saying, but here's a fun article from New Republic.

"But it's worth trying to clarify what peak oil would actually entail. Here's Richard Heinberg of the Post Carbon Institute: "Sometime around 2010 (give or take two or three years), growing decline rates in oil production from existing oilfields will overwhelm new production streams coming online. The price of oil will rise dramatically. However, when it does it will cripple the trucking industry, the airline industry, tourism, agriculture—essentially, the whole economy. A serious recession will ensue,"

Umm...sorry, isn't that what's happening, right now? No one's travelling for pleasure, food prices are through the roof and aren't we actually seeing the worst week on Wall Street in anyone's memory?

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