Deffeyes: Was It Deliberate?

Peak oil was the cause; the financial disaster was an effect.

Warning: I am not convinced that the following event actually happened, but it is an important possibility to explore.

The current financial crisis is clearly not simply the bursting of the housing bubble. The underlying cause was world oil production. The housing crisis is a symptom, not the disease.


● Timing: World oil production stopped growing (on schedule) in 2005. The first big news in the financial crisis was the collapse of Bear Stearns in March 2008.

● Size: A $100 per barrel increase on 30 billion barrels of oil per year is a $3 trillion annual drain on the world economy.

Hubbert’s Peak, Current Events