Peak oil pundit visits Alaska

“Thirty years from now, oil will be little used as a source of energy,” Kenneth Deffeyes told a crowd at the University of Alaska Fairbanks recently. “Our grandchildren will say, ‘you burned it? All those beautiful molecules? You burned it?’”

According to Deffeyes, a hard-rock geologist and professor emeritus at Princeton University, the world’s oil supply peaked on December 16, 2005, which means we’ve now removed and produced half of the oil that’s there to be sucked out. And what does that mean?

Increasing levels of chaos, he said. When the demands put on a system approach the system’s maximum output, things go a little crazy.

“We are close to the capacity of the system right now, so little things like hurricanes in the Gulf of Mexico can cause wild fluctuations,” he said. “Price volatility is on us in a big way.”

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