I don't mind controversy. That is not the issue. Peak oil is inevitable. The question is when.
Look, the US will definitely go into a recession -- a big one. If the economy goes down this quarter that does not prove that the recession will occur within a year. On Fri, Sep 14, 2007 at 06:11:33PM -0700, The Buffalo In Da' Midst wrote: > > "Heinberg says world production of regular crude oil actually peaked in > May 2005. He also says production in 33 of the 48 largest oil producing > countries is in decline, and that global oil discoveries peaked in 1964." > > > You knew this?: > > "The world will produce 118 million barrels of oil a day, up from its > current 85 million barrels per day, just to satisfy projected demand > by 2030, according to the Energy Information Agency." > > Yes, if the economy grows & technology stays the same. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
