Peak Exports and Our Economic Future

After New York Governor Eliot Spitzer’s fall from grace in a drama worthy of Euripides, the highly popular Oil Drum website ran an article about his successor entitled: “David Paterson: First Openly Peak Oil Aware Governor.” The article highlighted the fact that political leaders are generally oblivious to the very serious problems facing our future supply of oil.

“Peak oil” is the point at which global oil production reaches its high point, after which it irreversibly declines. Peak oil is not just a theory: major oil-producing regions have already reached their peak and are in terminal decline, such as the U.S. itself, the North Sea region, Mexico, Venezuela and many others. Russia’s energy minister recently announced that its oil production was now past its peak. Russia is the second largest oil producer in the world, after Saudi Arabia.

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