Tuesday, 11 November 2008



This stunning report in the Financial Times on October 28th shows how fast existing supplies of oil are declining - around 6% a year (edited from 9% because the FT got it a bit wrong - see Mark Forskitt's comment below - still scary!)!!! Of course, new supplies are coming onstream but the rate of discovery and production is not keeping pace. Commenters have identified that Peak Oil happened in July 2008. If you don't know what this will mean to the whole world then google "peak oil" ASAP. Basically, it means it's downhill from now on (unless we listen to the environmentalists and sustainability theorists).

Ignore any reassuring words from our rinky-dink politicans and civil servants, forget any reassuring humbug from bankers and financiers. If they believe their own words then they are idiots. If they don't, then they are liars. This is extremely serious. The effects won't start to bite quite as early now that we have the mother of all global recessions, about to start devastating the global financial outlook and consumer culture, but bite they will. Unless we start transitioning very soon to sustainable economic ways of doing things, then the future will be bleak


Mark Forskitt said...

The FT has got it slightly wrong. The IEA issued a press release today which seems to say that the 9% depletion rate is a projection for 2030. The 'good news' is the current rate is only 6%! Still nearly 3 times faster than the planning projections, and very frightening. 6% or 9% it is still well into Peak Oil territory with the only prognosis -its gonna get worse.

TonyTheProf said...

Brilliant letter in the JEP, Nick, on greenhouses.

How's the campaign doing? We've a couple of St Lawrence folk sympathetic in this office; do you have a manifesto online?

Nick Palmer said...

I'm trotting round the houses knocking on doors and only two have told me they are not interested (out of about 170).

Re: manifesto
I'll have to alter my website www.nickpalmer.org again but in the meantime I'll put the text of my flyer manifesto up as a blog post...