30
Aug
11

british gov’t admits peak oil . . .

is imminent

Gone is the rhetoric about the billions of barrels of oil remaining that will last for so many decades that nobody alive today needs to worry. Official recognition has been given to the concept that the remaining oil will be so expensive to extract or will be locked into the earth by intractable political disputes, so that it simply will not be available in the unlimited quantities or at the prices we have known for the last 100 years. Also implicit in the announcement is that ever-rising real energy costs will destabilize nearly all of the world’s economies and that economic growth in the form we have come to know it will no longer be possible.

though naysayers persist. [via undernews & john ellis]

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