The oil ’spike’: Even worse than we thought

What Hubbert called “the big rollover” is upon us: the moment when oil production actually begins to decrease. And given that this coincides with the great Asian takeoff in demand, it is hard to see why we should expect the oil price to come down, however fervently we might wish that it would.

The real problem seems to be the short-term nature of politics. The really big changes – the new infrastructures, the huge necessary investments in alternatives and in conservation, and the introduction of transparency into oil companies’ records, so that we know where we stand and can begin to forward plan – all take time. And the worst will not happen until the people in power are dead.
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