World Recession 2009 as a Result of Peak Oil

Whilst most people are vaguely aware that oil is important to the world economy, few understand the true impact of the recent rise in the oil price.

In 1998 the heads of state of the USA and Australia failed to ratify the Kyoto protocols. They were trying to protect their country’s economies. Ironically, they engineered a situation where not only is the US economy under greater threat than it would have been had our leaders ratified the protocols, the entire world economy is now seriously threatened.



It took a further nine years for the US government to finally understand how serious an error of judgement the failure to ratify Kyoto was. The issue had nothing to do with Carbon Dioxide emissions. It had to do with the fact that their failure to take action at that time blocked the march to market of alternative energy technologies. Finally, in June 2007, the Renewable Energy and Energy Conservation Tax Act (H.R. 2776) was passed. But the damage had been done. The sharp rise in the oil price