Richard Heinberg’s Latest Museletter (by permission)

A note to readers: These days I am working on a completely revised edition of The Party
MuseLetter 150 / October 2004

The Peak Is Nigh

Everyone knows that oil prices have grown volatile in recent months. Explanations include rising demand from China and supply limits resulting from pipeline sabotage in Iraq. Some commentators note that global oil production may be nearing its historic peak, since new discoveries have been dwindling since the 1960s and spare production capacity is evaporating. One by one, countries that were oil exporters are becoming net importers (US oil production peaked in 1970; natural gas production here is also in decline).

However, the long-term implications of our dependency on quickly depleting non-renewable oil are seldom explored.

Oil and gas account for the lion