Sydney Morning Herald - All this at a time when the world is paying record oil prices, fuel production is experiencing bottlenecks caused by a shortage of oil refineries, which suggests Big Oil must have good reasons not to expand supply. And the high cost of oil - required in the production and supply of nearly everything we buy - has rippled through the global economy, pushing up inflation and interest rates.
"Our society is in a state of collective denial that has no precedent in history, in terms of its scale and implication," writes scientist Jeremy Leggett in a book, Half Gone (2005), about the imminent arrival of "peak oil", when global oil reserves begin to run down. Half Gone argues that "peak oil" has already arrived, and we are not prepared for the consequences.
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Sydney Morning Herald - All this at a time when the world is paying record oil prices, fuel production is experiencing bottlenecks caused by a shortage of oil refineries, which suggests Big Oil must have good reasons not to expand supply. And the high cost of oil - required in the production and supply of nearly everything we buy - has rippled through the global economy, pushing up inflation and interest rates.