22 Jul '11, 1pm

Drumbeat: July 22, 2011

Posted by Leanan on July 22, 2011 - 10:17am Peak oil - are we sleepwalking into disaster? Like climate change, peak oil is often perceived by the more pessimistic analysts as one of those apocalyptic conundrums where we are already past the tipping point – meaning that any solutions human ingenuity can deliver will simply mitigate the worst-case scenario. Certainly, oil-field discoveries have been in sharp decline since the 1970s. And there is a consensus that peak oil has already been reached, at some point between 2004 and 2008. This does not bode well at a time when huge emerging nations like China and India are experiencing energy-hungry industrial revolutions. China's economic growth was 11 per cent last year and in India, it reached 9 per cent. Increased demand could soon outstrip depleted supplies. But unlike climate change, politicians seem unwilling to encourage p...

Full article: http://www.theoildrum.com/node/8174

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