Peak Oil occurred in 2005. When the Oil Embargo of 1973 should have been a turning point in the USA to perfect and change the methodology of energy to the domestic need. That turning point never occurred in the face of scientists stating is was vital to make the coarse correction.
In ten years or less, there is a very strong probability the fossil fuels will double in cost and the global economy will tank unless that coarse correction is made NOW.
Oh, yeah. This is a report by the International Monetary Fund. I take it this is news to you. It didn't exactly make front page headlines in the USA since Republicans are demanding the XL Pipeline is their bottom line to energy dependence from Canada.
Interesting, isn't it?
In ten years or less, there is a very strong probability the fossil fuels will double in cost and the global economy will tank unless that coarse correction is made NOW.
Oh, yeah. This is a report by the International Monetary Fund. I take it this is news to you. It didn't exactly make front page headlines in the USA since Republicans are demanding the XL Pipeline is their bottom line to energy dependence from Canada.
Interesting, isn't it?
World Oil Price to Double by 2022 – IMF Report
MOSCOW, May 15 (RIA Novosti)
World oil prices may double (click here) in the next decade with a disastrous effect on the global economy according to a report commissioned by the IMF, The Telegraph reported on Tuesday .
Global oil prices are currently hovering at historically high levels of $110 per barrel but a combination of rising demand and constrained supply could have major consequences for the global economy, the paper said.
"Our prediction of small further increases in world oil production comes at the expense of a near doubling, permanently, of real oil prices over the coming decade," the paper quoted the report's authors as saying.
"This is uncharted territory for the world economy, which has never experienced such prices for more than a few months."
Persistently high oil prices are already threatening the global economic recovery, International Energy Agency Director Maria van der Hoeven said.
Although prices have eased somewhat in recent weeks, the threat of heightened political tension over Iran, limited spare production capacity and unplanned supply outages remain, she said....
