Monday, October 22, 2007

oil production to decline by 7% per year,,2196435,00.html?gusrc=rss&feed=networkfront

"The report presents a bleak view of the future unless a radically different approach is adopted. It quotes the British energy economist David Fleming as saying: "Anticipated supply shortages could lead easily to disturbing scenes of mass unrest as witnessed in Burma this month. For government, industry and the wider public, just muddling through is not an option any more as this situation could spin out of control and turn into a complete meltdown of society."
Mr Schindler comes to a similar conclusion. "The world is at the beginning of a structural change of its economic system. This change will be triggered by declining fossil fuel supplies and will influence almost all aspects of our daily life.""

Just as China, India, and other countries are gearing up to build more cars for their people, the amount of oil available is dropping. As far as I can see, prices for oil products will zoom up while shortages grow around the world. This could create tension between nations; producers having to decide which countries get their product, consumer countries arguing over who gets in line first.
I wonder where we'd be right now if Al Gore was in office?

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