decades of denial the political and financial elites around the globe
realized that they can no longer ignore the physics, in this case the
geology of fossil hydrocarbons. Unfortunately it seems we lost too
much time (since the oil crisis in the '70s) that could have been used
for planning a transitional period. Now we see the results of the
first combined effect of the two phenomena: the food crisis. As oil
prices have gone through the roof, grain production was affected by
droughts, and even worse, as farmers switched to biofuel production as
a result of the euroamerican stupidity to subsidize this, millions
face starvation. Unfortunately, they still don't get it, it is
technofix and market solutions time all over again.
"The International Energy Agency was fully aware of Peak Oil some ten
years ago. Their World Energy
Outlook of 1998 showed that demand would outpace supply by 2010 save
for the entry of unidentified
unconventional which was a coded message for shortage. But when a
journalist decoded it, their masters in
the OECD Governments suppressed it such that the Unidentified
Unconventional became Conventional Non-
OPEC in the next issue.
Now they change their tune as the following makes clear. Presumably
the change of position reflects the
need of the OECD Governments to have an IEA umbrella under which to
face the uncomfortable reality,
which they can no longer ignore with oil trading above $100 a barrel
and production in most countries
running at capacity. The key IEA phrase is : we should leave oil
before it leaves us"
the whole ASPO newsletter is here:
http://www.aspo-ireland.org/contentFiles/newsletterPDFs/newsletter88_200804.pdf
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