Comment 68351

By Undustrial (registered) - website | Posted August 22, 2011 at 22:43:57 in reply to Comment 68345

None of the scenarios touched on in the report really touch much on peak oil, or bring it up as a serious concern. They all make similar assumptions about economic growth, continued tar sands development and a reletively stable global energy market. Even if Canada's peak is decades off, the Middle East's obviously isn't and might already be behind us. The kind of business-as-usual projections contained just aren't realistic. Once I saw the projections for future oil prices on page 19 ("continuing trends" see a constant $50/barrel from 2007 onwards) my jaw dropped, then I realized. This was published in 2007 (and like most government reports, was already dated), obviously before the price of oil hit $150/barrel and the bottom fell out of the world's economy.

Heinberg et al., predicted the oil price spikes, the economic crash, the political upheavals and vanishing resources we are now witnessing a decade ago, with frightening accuracy. By 2003-5 they just wouldn't stop talking about things like housing market securities and credit default swaps...

Gold hit $1900/oz today. This isn't going to happen. It is happening.

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