We are so screwed
International Energy Agency Chief Fatih Birol has stated that the IEA now believes that global crude oil production peaked in 2006. It’s all downhill from now. We can expect the kinds of supply discontinuities and price rises that led up to the 2008 economic downturn with regularity from now on.
So what is the US response? Shoot the messenger. They have cut funding to their own national energy agency and specifically ordered that agency not to prepare data on oil and gas reserves. Keep us in the dark, that’s the ticket. I expect the Harper government to follow suit shortly. Read more »