[Graeme]

Addressing economic dangers of 'peak oil': Team identifies key industries for policy action

Researchers from the University of Maryland and a leading university in Spain demonstrate in a new study which sectors could put the entire U.S. economy at risk when global oil production peaks ('Peak Oil"). This multi-disciplinary team recommends immediate action by government, private and commercial sectors to reduce the vulnerability of these sectors.

While critics of Peak Oil studies declare that the world has more than enough oil to maintain current national and global standards, these UMD-led researchers say Peak Oil is imminent, if not already here—and is a real threat to national and global economies. Their study is among the first to outline a way of assessing the vulnerabilities of specific economic sectors to this threat, and to identify focal points for action that could strengthen the U.S. economy and make it less vulnerable to disasters.

phys.org

[Paulo1]

re: "these UMD-led researchers say Peak Oil is imminent, if not already here—and is a real threat to national and global economies."

This is a refreshing switch. Every year I am contacted by a group of university business students doing research for their program and pass on to them this same statement, almost word for word. Along with this they are provided a reading list, blog sites, etc. This year I will send them Richard Heinberg's chapter 3 (new book) with a suggestion to obtain the rest. I also provide them with a personal anecdote of what we have done in our family to try and prepare for this decline.

I hear from their instructor about the lively discussions that ensue, but suspect when the course is done the issue is forgotten as these upwardly mobile city kids move on towards a hoped for career. Peak Oil is here, but it really looks different than what I thought it would. The plateau is masking the seriousness of the issue, as well as outright distortion of FF availability by media and Govt talking heads.

How long will this limping along march continue without acknowleding the fact that exponential growth is simply no longer possible with $100 oil? I remember when oil hit $60 and reading about the hand wringing and reassurances that it would soon drop below $30. It didn't happen...never happens, and another sideshow comes along to hide the real problem that everything we thought was normal in our wealthy society was simply a result of having a blank cheque called cheap energy. What will it take before people actually acknowledge we need to change our lifestyles? Actual collapse? Student debt defaults? I simply don't see any recognition of the Plateau by anyone other than those of us in the choir.

I am reminded of a leaky roof. The home owner comes out and says, "look, there is water on the floor, better wipe it up". They paint over the ceiling stain and keep the floor dry. Eventually the floor is damaged. They never think to check on the underlying cause...the roof is shot. Such is Peak Oil. Defaults, unending credit and money printing, unemployment, food stamp increases, infrastructure decline....you name it. Everyone blames their favourite whipping boy.

Paulo