How Will the 'Peak Oil' Scenario Affect Our Global Economy?

[cthrumatrix]

How Will the 'Peak Oil' Scenario Affect Our Global Economy?
by eyeforenergy.com

Analyses of the discovery and production of global oil fields suggest that world oil production is about to peak, and within the next decade, the supply of conventional oil will be unable to keep up with demand.

'Peak oil' describes the scenario when crude oil production for a region, often referring to the entire world, reaches a maximum, from which it inevitably declines.

In the 1950s a prominent geophysicist, M King Hubbert, observed that oil production in the US was following the path of a bell-shaped curve. Production would have a 'peak' and following that peak, oil production would decline.

An in-depth report of the situation has been written by Colin J. Campbell and Jean H. Laherrère, who are currently associated with Petroconsultants in Geneva. Both Campbell and Laherrère have spent most of their careers exploring for oil, studying reserve figures and estimating the amount of oil left to discover, first while employed at major oil companies and later as independent consultants.

In their extensive report, 'The end of cheap oil' (Scientific American, March 1998), they predict that the decline of the global oil supply will begin before 2010. They have used several different techniques to estimate the current reserves of conventional oil and the amount still left to be discovered.

http://www.energybulletin.net/4710.html

we had 40 years to plan for this ...and the US leadership "sold us out" for corporate profits.... solar and wind energy don't fatten their bank accounts

Bush's plan is obvious....

[Solon]

1. Economic collapse, worldwide Great Depression 2...

The sequel is going to be worse than the original, as most sequels are. I don't really see how we can avoid it. Also, that first excerpt of yours in inaccurate, replace decade with year, and it is much more accurate. If we are lucky, maybe next year, though I wouldn't hold my breathe on that one.

[cthrumatrix]

2. the WH can' say a damn word becuase they would be revealed as frauds

for thier Iraq invasion