by MonteQuest » Sun 13 Jul 2008, 13:24:44
$this->bbcode_second_pass_quote('yesplease', ' ')I think even in a situation where the energy supply is declining a nation could see an increase in economic growth over a sufficiently large time period given the limiting effects on GDP of current fossil fuel use and the ease in efficiency increases.
Ever here of the Rule of 70?
What decline rate do you see for oil?
At the current 5.2% decline of existing fields, that means in about 13 years post peak, we have 50% less oil.
First year you have 5.2% decline, plus 2% for growth, leaving a 7.2% shortfall.
Next year, you have a 12.4% shortfall and so on.
We can increase efficiency every year to offset decline and provide for growth?
When pigs fly!
A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."