The Peak Oil Crisis: 2010

While our leaders and the media continue to tell us that we have turned an economic corner and that all will be well soon, the underlying data, for those willing to look, tell a far different story.

Just as climate scientists debate the existence of a “tipping point”, beyond which rising global temperatures are uncontrollable, there may exist an economic tipping point beyond which control of the US and global economies is beyond the powers of government.

Although another economy-crushing oil price spike in the next 12 months is a possibility, it is the sovereign debt crisis and all that it entails that seems to be a more imminent threat as we enter 2010. Oil prices, however, are back over $80 a barrel, and although few are predicting a price surge in the near future, China, India and several other Asian economies are growing rapidly. There is a good market for the oil that is being produced somewhere and OPEC production has been climbing of late, eating into the cartel’s spare capacity to produce more oil.

Falls Church News-Press