When the oil runs out
Market clamour you ain’t seen nothing yet
It is emerging that world oil stocks are far lower than previously thought, and affordable oil may not even last until the end of the decade. This explains the US government’s sudden interest in renewable energy and of course their foray into Iraq. It also means that off-grid energy solutions are going to become much more popular as the news seeps through.
Matthew Simmons, a former adviser to President Bush’s administration was recently reported as saying: “Any serious analysis now shows solid evidence that the non-FSU [former Soviet Union], non-Opec [Organisation of Petroleum Exporting Countries] oil has certainly petered out…”
No cheap oil, no cheap food.
“From The Wilderness” reported Simmons saying: “I think basically that peaking of oil will never be accurately predicted until after the fact. But the event will occur, and my analysis is… that peaking is at hand, not years away. “If I’m right, the unforeseen consequences are devastating… If the world’s oil supply does peak, the world’s issues start to look very different. “
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