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Deja vu?

By Lawrence B. Ebert, Esq.

Back during the oil crunches of the 1970's, the predictions made at the time were that oil would run out in the 2020's.
Those predictions were discarded. Now, we have a prediction from Dr Fatih Birol, the chief economist at the International Energy Agency (IEA) that oil is running out far faster than previously predicted and that global production is likely to peak in about 10 years.

"One day we will run out of oil, it is not today or tomorrow, but one day we will run out of oil and we have to leave oil before oil leaves us, and we have to prepare ourselves for that day. The earlier we start, the better, because all of our economic and social system is based on oil, so to change from that will take a lot of time and a lot of money and we should take this issue very seriously."

***Separately

on Paul H. Jensen

on Ron Katznelson [SSRN]

Full post as published by IPBiz on August 03, 2009 (boomark / email).