2005: The Year of Global Oil Production Peak?

A doomsday for neo-classic economics approaches as the absurdity of supply side solutions (or lack thereof) to this approaching energy crisis “tsunami” become apparent. Aside from Malthusian demand destruction there simply are no supply side solutions. Oil has increased in price by about 350% since 1999 when it was around US$10bbl. The emerging crisis is completely unlike previous politically induced episodes of the 70s caused by embargoes and the Iranian crisis. This time mild mannered economists will come face to face with the stiletto point of geological depletion.

Powerless NZ