(from economist.com blog:)
“Mr Hubbert’s curve and the peak-oil brigade look out of date.”
Not really, they are “ahead” of date, just moving ahead a few years because of composite figures oil+gas, but “way riskier” because gas output normally drops “suddenly,” the date is the day the entire economy of the planet will collapse, the physics behind the peak theory are still valid, the quackery of “unlimited growth” and “unlimited oil” will be proven wrong by another crash, there is no economic solution to laws of thermodynamics and laws of decreasing returns, only quackery, just a matter of time, is physics, not voodoo magic.
Add jevons paradox and you get this, now cut a good 40% off the middle east reserves data overestimated, and at 18.83 billion barrels per day, your american miracle is an unsustainable band-aid, that ‘barely’ permits ‘slow’ de-industrialization instead than a rapid collapse of the house of cards, see 2001 and 2007, then look at what is happening to world “demand.”
“Not only,” but all this hype is “accelerating” the exhaustion in the US, of what ‘could have been’ a ‘bridge’ to convert a faulty economic model, due to collapse anyhow, into something more reasonable, let’s look at the “plateau” of world production, “and” the geometric increase of oil and gas used “just to maintain capacity,” the EROEI picture tells a different story than BAU, is this sustainable ? ya think ?
Do you have any economist there predicting “collapse” ? If “yes” listen to them, “they are right,” if not, “go find all your geologists,” the only way out of this mess is starting computing “efficiency” not in monetary units, “but” in “energy units,” that tells what is sane versus what is voodoo magic.