Global oil production (crude oil plus condensate) has been on a plateau / in decline for 7 years resulting in high energy prices that are feeding inflation, eroding family budgets and crippling the World economy. It is time for the international political community to awaken to the risks posed by Peak Oil. A British Government report published last week under a Freedom of Information Act (FOIA) request makes clear that civil servants working at the UK department of Energy and Climate Change (DECC) seem very aware of the risks posed by peak oil, and yet the British Government seems happy to continue to ignore warnings.
The North Sea oil deposits have started to decline rapidly so Great Britain not only has to get used to less income from oil sales, but alternate energy sources lke nuclear and coal have also been declining. Looks like unless they get very serious about conservation, there will be a future of rolling blackouts and the European continent doesn't look much better as they replace reliable nuclear and coal power with expensive and flaky wind and solar power.
Thomas Sowell: There are no solutions, just trade-offs.
