Sunday, February 15, 2009

IEA admits Peak Oil

Traditionally the (International Energy Agency) IEA, has shyed away from the question of peak oil, the idea that we have, or are about to hit the maximum level of global oil production, after which we will begin an irrecoverable decline. However George Monbiot, award winning journalist from the Guardian discusses the question with Fatih Birol, the IEAs chief economist. The results are interesting.

On Peak Oil and the Current Economic "Situation"
Interestingly, or perhaps amazingly almost no one has been willing to admit (or perhaps even understands) the reasons for the current global economic financial crisis. I have always been of the vie
w that the rapid surge in energy (oil) prices created the financial conditions whereby continued "economic growth" would grind to a halt. Incidently I've been saying this for years, take a stroll through this blog site to see that. Once oil hit a certain price I predicted that global growth would slow and eventually halt. In my opinion $150 a barrel oil is what triggered the credit crisis, basically the downturn hit the most vulnerable part of the financial sector - what is now called "toxic assets".

Finally I have a reference - Reggie Abaca of Market Rap is saying the same thing.

And in case you are shocked that I'm writing ab
out peak oil again, well, just so you know, I spent the day editing a publication on Information Ethics for inclusion in a selection of papers from the 2008 ITPNZ Research Forum. The PhD is still in the forefront of my mind. Finally, Mike Moreu's cartoon today sums a lot up. Kiwi's still seem to be in denial regarding this economic situation.