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View Diary: Peak oil and peak silliness (111 comments)

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  •  I'm a Scientist, Bub. (0+ / 0-)

    I'm quite well aware that we don't have answers to most questions.  Re-evaluating the answers we already have, and improving the questions, is much of our effort.

    Peak oil and economic stagnation are quite related concepts. There really seem to be, as the last few years have demonstrated, real limits to what the global economy can afford to pay for something as fundamental as energy. When prices reach $120-$130 a barrel, recessions have ensued.  Alternatives to oil are already coming to the forefront in many markets, but if peak oil is upon us now--notice that I wrote "if", because we can't be sure, given how uncertain much of our data is--if peak oil is upon us now, alternative energy sources are nowhere near well developed enough to save us from economic calamity.  I certainly hope not, but a long-term severe recession is a real possibility.

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