Peak Oil has started.
Peak Oil is about as scary as things can get, because unlike the environmental disaster that will take 50+ years to unfold, peak oil is going to happen within 20, and many are suspecting even quicker than that. My guess is that by 2020 the world will already be in chaos - so you better start preparing for the Long Emergency pretty soon. It will start with a financial crisis like we have never seen before, and my bet is that will start within 5 years, and maybe as soon as two - depending on how soon the USA does something really stupid. The only question is - will it be a slow slippery slide, or a rapid plummet. I'm personally hoping for a slow slide, but with my luck we won't get that luxury. Hang on to your hats folks, the roller coaster has reached the top of the ascent, and its all down hill from here.
"Oil prices hit a record high of $97 a barrel on Tuesday, but the next generation of consumers could look back on that price with envy. The dire predictions of a key report on international oil supplies released Wednesday suggest that oil prices could move irreversibly over the $100 a barrel threshold in the not too distant future, as the global economy faces a serious energy shortage.
This gloomy assessment comes from the International Energy Agency, the Paris-based organization representing the 26 rich, gas-guzzling member nations of the Organization for Economic Cooperation and Development (OECD). The agency is not known for alarmist warnings, and its World Energy Outlook is typically viewed by policy wonks as a solid indicator of global energy supplies. In a marked change from its traditionally bland, measured tones, the IEA's 2007 report says governments need to make urgent, bold decisions on energy policy, or risk massive environmental and energy-supply crises within two decades — crises and shortages that could spark serious global conflicts."
Rest of the article is here:
http://www.time.com/time/business/article/0,8599,1681362,00.html?xid=rss-business
"Oil prices hit a record high of $97 a barrel on Tuesday, but the next generation of consumers could look back on that price with envy. The dire predictions of a key report on international oil supplies released Wednesday suggest that oil prices could move irreversibly over the $100 a barrel threshold in the not too distant future, as the global economy faces a serious energy shortage.
This gloomy assessment comes from the International Energy Agency, the Paris-based organization representing the 26 rich, gas-guzzling member nations of the Organization for Economic Cooperation and Development (OECD). The agency is not known for alarmist warnings, and its World Energy Outlook is typically viewed by policy wonks as a solid indicator of global energy supplies. In a marked change from its traditionally bland, measured tones, the IEA's 2007 report says governments need to make urgent, bold decisions on energy policy, or risk massive environmental and energy-supply crises within two decades — crises and shortages that could spark serious global conflicts."
Rest of the article is here:
http://www.time.com/time/business/article/0,8599,1681362,00.html?xid=rss-business