From The Post Carbon Institute:
In recent months we’ve seen a spate of articles, reports, and op-eds claiming that peak oil is a worry of the past thanks to so-called “new technologies” that can tap massive amounts of previously inaccessible stores of “unconventional” oil. “Don’t worry, drive on,” we’re told.
But as Post Carbon Institute Senior Fellow Richard Heinberg asks in this short video, what’s really new here? “What’s new is high oil prices and … the economy hates high oil prices.”
You can read more about the video, including its script here. As for Heinberg’s claim that the economy and high oil prices aren’t exactly best friends the UK’s Telegraph newspaper recently reported:
… a disturbing pattern has emerged where each tentative recovery in the world economy sets off an oil price jump that it turn aborts the process. A two point rise in global manufacturing indexes leads to a 30pc rise in oil prices a few months later.
“Oil has become an increasingly scarce commodity. A tight supply picture means that incremental increases in demand lead to an increase in prices, rather than ramping up production. The price of oil is in effect acting as an automatic stabilizer,” they said. If so, it is “stabilizing” the world economy in perma-slump.
Yet another big reason to speed the transition to a clean energy economy while building resilience.