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Peak Oil – Will it Be Tomorrow?

February 15, 2011

The economic effects of this could be devastating to the human populations within industrialized societies, to say the least.

That’s not just the line from Noam Chomsky, Michael Rupert and Dmitry Orlov: the second largest company in the world, Shell International, a major player in the energy commodities industries, is saying it too.

In a recent “Signals & Signposts” report by Shell, forecasting energy scenarios through 2050, the oil giant predicted a growing volatility in the price of oil and a coming period of “extraordinary opportunity or misery.”

As the demand for oil buts up against actual production and remaining reserves, the climbing price of oil will cause the gross domestic product of all nations to decline, they predict.

In another section, Shell calls these economic effects “Depression 2.0.” Though that scenario is introduced as “unlikely,” the rest of the report does not paint a rosy outlook.

http://www.nytimes.com/2011/02/16/business/global/16arctic.html
And being forced to the Arctic – or deep in the Gulf – nobody is doing that because there is plenty of oil.

Then what if unrest spreads to Saudi?
“Drill baby drill” is a fools song….and meanwhile the climate cranks keep it up.

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