2010: A Gas$$$ Odyssey
It looks like 2010 is the deadline for peak oil and a potential financial downturn:
“… on June 27 the Vice President of Kuwaitâ€™s national oil company gave a talk to a group of energy industry whoâ€™s whos. He claims: ‘By 2010, the production of the fuel that has driven the worldâ€™s economy will start to rapidly decline. This will conflict with the steadily increasing demand for oil. The collision of these two trends will lead to shortages and increased prices … Due to unequal distribution through the world of oil and gas supply and consumption, [the upcoming] transition will result in significant shifts in global power and wealth.'”
Analyzing this report, John La Grou writes, “We will all be simplifying our lives due to new economic realties. This is a very healthy transition in many respects. But with simplification comes lower economic expectations. Economists will call this ‘recession’ or perhaps ‘stagflation’ or worse—jobs will be lost, families will be dislocated, and lives will be changed. Life in the peak oil era will be not be business as usual.”
Justin Long at Momentum Magazine writes, “Kevin Kelleher (a blogger focused on alternative fuels) analyzes a report written by Jeff Rubin (CIBC World Markets) outlining a grim possibility of $7/gallon gas by 2010 that will last until 2020. Once again, we are well advised to begin preparing for a potential downturn in giving, exacerbating the already tight financial situation due to the declining U.S. dollar.”
Hopefully by 2010, I’ll be driving one of these (estimated to get 282 MPG! OMG!):
Happy Fossil Fuel Independence Day!