| dec 21 2008 | | Peak Oil Admitted. | After years of denial and ridicule of anyone who mentioned the topic we have an official report from the International Energy Agency. Between 2007 when they guesstimated decline rates at 3.7% per year and the 2008 report when they actually researched some numbers, the decline rate nearly doubled to 6.7% DOUBLED.
Read the whole thing here http://www.informationclearinghouse.info/article21490.htm
So we have gone from a proposition of there being no problem and even if we did of having 20 years to work out a solution, to a IEA report that gives us only 10 years to have alternatives in place.
Let's not even go to the place where we question whether these experts have a handle on Peak Oil. Even if they are to be trusted ( bit my tongue typing that word) we have got 10 years to prepare. That is about the time it takes to build a nuclear power station. We're stuffed.
Hey really, the gradual decline in oil production is small beer compared to our immediate problems. We should let our leaders get on solving 2009 problems for us before we worry them with the long term.
Buy gold. Just in case.
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