Higher prices will result in a very difficult transition period in which we are forced to use less because we simply don’t have the money to use the oil that we have historically used. This will be a period of great economic difficulty, lasting for years. At the same time that the economy is in great difficulty, oil companies will continue to reap big profits, causing an enormous amount of resentment and calls for higher taxation and greater regulation of the oil industry.What are we waiting for? Let's do it now, while we make a real commitment to a renewable future.
Sunday, September 19, 2010
This Future is Totally Forseeable
Charles Maxwell, the "Dean of Oil Analysts" forecasts peak oil by 2017. In the relentlessly cornucopian rag Forbes. And that's not all: