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Thursday, 29 March 2012

Peak Oil has arrived

Back in 2008, I heard about Peak Oil for the first time. Very much out of the mainstream at that time, the theory, that world oil supplies would imminently peak in terms of accessibility, posited that this would occur sometime between 2006- 2020.

The consequences of this peak are numerous, technical and intrinsic to the way in which world economies are wired – in others words unpredictable. Nevertheless there are deemed to be indicators: fluctuation in oil price, recession, social unrest, foreign conflict.

If this sounds familiar its because it now seems as if world oil production actually peaked in 2005. Now we’re on a downward trajectory of demand continually outstripping supply, ever more desperate extraction techniques (Alberta Tar sands, Gulf of Mexico), resource wars (Irag, Afghanistan, Libya and now Iran) and price hikes.

Don’t take my word for it. The future has arrived and you might want to prepare for a bit of a bumpy ride. Look up Peak Oil to find out more.