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On 04/10/2005 Software Scientific's Concept Engine TM read 1,000 documents and considered 47,181 links

Research based on What will be the impact of Peak Oil on economic growth?

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BEFORE THE
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http: //66. 102. 9. 104/ search? q= cache: 6iHewDqoBn4J: www. renewwisconsin. org/ dockets/ powplants/ MV
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BEFORE THE

The Manila Times Internet Edition | BUSINESS > East Asian economic growth to peak this year at 7.1%
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http: //www. manilatimes. net/ national/ 2004/ nov/ 10/ yehey/ business/ 20041110bus12. html
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The Manila Times Internet Edition | BUSINESS > East Asian economic growth to peak this year at 7.1%

GCC: Full steam ahead to monetary union | SCB Economic Update
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http: //www. ameinfo. com/ 67925. html
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GCC: Full steam ahead to monetary union | SCB Economic Update

Central banks reaffirm the terms for setting up of single currency in 2010: Ability to meet economic criteria depends largely on oil prices; FX volatility in the region to increase over time.

Given high oil prices, it will surprise few that all 6 countries are expected to comply with the fiscal, debt & FX reserve criteria by the end of 2005. However, strong oil prices in 2005 will boost government revenues, allowing the Saudi government to pay down its debt while also boosting the level of nominal GDP, pushing this ratio down. Therefore, if oil prices were to slump dramatically, then budget deficits may once again rear their ugly heads & jeopardise compliance. One option being pursued by the UAE is to implement a value-added tax in order to improve the country's resilience to lower oil prices. In March, a senior GCC official suggested there is scope for flexibility should low oil prices induce a temporary increase in the budget deficit. i  While this is not inconceivable in the event that we see a sharp slowdown in global economic activity, its  ? not expected to happen either this year or next as oil supply conditions remain relatively tight. i   i 
The Price of Oil and Economic Growth | EnergyBulletin.net | Energy and Peak Oil News
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http: //www. energybulletin. net/ 2330. html
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The Price of Oil and Economic Growth | EnergyBulletin.net | Energy and Peak Oil News

NewsGateway - Economy Restructruring and Peak Oil
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http: //www. newsgateway. ca/ McKillop_ economy_ restructuring. htm
24/5/2005

NewsGateway - Economy Restructruring and Peak Oil

Alexander's Gas & Oil Connections = Oil Prices, Economic Growth and World Oil Demand
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http: //www. gasandoil. com/ goc/ speeches/ mckillop. htm
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Alexander's Gas & Oil Connections = Oil Prices, Economic Growth and World Oil Demand

Conventional economic reasoning, embodied in the notion of 'price elasticity' of demand, is that large oil price rises will necessarily cut oil demand & economic growth, perhaps resulting in zero economic growth, or recession. i  So-called 'delinking' of oil from economic growth, in the early 1980s, was simply the interaction of intense economic recession & one-time energy savings due to energy conservations programs & polices engaged in the 1970s, after the Oil Shocks of that time.   As already stated, higher oil prices, up to at least the $50-$60/barrel range, will almost certainly increase oil demand growth rates through the macoreconomic impacts of higher oil & energy prices at the world or composite global level.   i  This relationship,..., was typically close to 0.75 (a 1% growth in real GDP entraining a 0.75% increase in oil demand by volume). i  As economic growth, oil consumption 'bounced back' rapidly, with typical oil demand growth rates approaching 3-fifths to 3-quarters the annual rate of real GDP growth.   i  The fact that adjustment was much slower following the 2nd Oil Shock can be considered normal given the oil price level achieved, & the extreme interest rates of the period, but the fact there was adjustment at all indicates the intrinsic & total dependence of 'classic' or conventional economic growth on increased oil consumption. i  However, in the period of low oil prices through 1986-1991 that terminated with Gulf War-1, economic growth rates fell sharply throughout the OECD, with typically slow growth of oil demand itself reinforcing the fall in oil prices. We can particularly note that through 1974-76, that is including the period of rapid 'bounce back' or recovery in economic growth & oil demand of the NICs, their growth rates of oil consumption, by volume, were in the 12%-15% range despite much higher oil prices continuing to 'work through' the pricing structure of economic inputs. i  Recession trends notably in the US, German & Japanese economies were overvalued, while the pro-growth impacts of generally higher oil prices as a factor in economic growth were underplayed or ignored. i 
An Assessment of the Current Oil Price Rise and Its Impacts (tdctrade.com)
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http: //www. tdctrade. com/ econforum/ boc/ boc040501. htm
11/5/2005

An Assessment of the Current Oil Price Rise and Its Impacts (tdctrade.com)

 i  This article attempts to account for the rise of oil prices & assess its impacts. i  Nevertheless, the impact on actual oil supply in the current situation has been much limited compared with the past. As for the low reserve situation & the potential threat to oil supply, there has been no material impact on actual supply from these factors. i  IEA statistics indicate that the average annual growth of oil demand from non-OECD Asia is 4.8% during 2000-2004. i  When taking into consideration the impact of inflation, oil prices only peaked around USD50 during 1990/91. i  IEA has estimated that global economic growth would only increase by 0.5 % point should oil price remained at USD25 in the past 2 years. According to the IMF, if oil prices grew by USD5 on average each year above its baseline forecasts, global economic growth would only decline by 0.3 % point.   i  Should high oil prices lead to U.S. or even global economic slowdown, the Fed is likely to be accommodative, creating a pro-growth environment. i  High oil prices would certainly eat into her trade surplus & hence trim economic growth. i 
Oil, Jihad and DestinyOil, Jihad and Destiny
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http: //www. oildepletion. blogspot. com/
8/9/2005

Oil, Jihad and DestinyOil, Jihad and Destiny

Economy restructuring and peak oil | EnergyBulletin.net | Energy and Peak Oil News
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http: //www. energybulletin. net/ 2246. html
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Economy restructuring and peak oil | EnergyBulletin.net | Energy and Peak Oil News

The Fall of Petroleum Civilization - peak oil
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http: //www. culturechange. org/ fall_ of_ petroleum_ civilization. html
30/4/2005

The Fall of Petroleum Civilization - peak oil

Peak Oil - Peak Economics | EnergyBulletin.net | Energy and Peak Oil News
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http: //www. energybulletin. net/ 6244. html
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Peak Oil - Peak Economics | EnergyBulletin.net | Energy and Peak Oil News

 i  In this issue, we examine the impact of Peak Oil on the world economic structure, one built on the confidence in ever-expanding markets fueled by technology, itself fueled by oil. i  But in reality, its  ? a devastating development as it implies that the oil-based economy is in permanent terminal decline, removing the confidence in perpetual growth on which the Financial System depends. i  Economic growth" sounds nicer than "making more money" as our Christian tradition states "the love of money (...) is the root of all evil." i  The so called economic miracles of the past, including the Green Revolution, were based on the increased consumption of oil & other fossil fuels. i  The implication behind the term "Peak Oil" is the end of economic growth,..., layoffs, foreclosures & repossessions. i  Earlier, we quoted Colin Campbell's prediction that declining oil supplies will remove the confidence in perpetual growth on which the world's Financial System depends. i  In the May 2005 newsletter of the Association for the Study of Peak Oil & Gas (ASPO), Colin Campbell notes: "its  ? becoming evident that the financial & investment community begins to accept the reality of Peak Oil, which ends the 1st Half of the Age of Oil. i  The decline of oil, the principal driver of economic growth, undermines the validity of that collateral.... i  Burying the old economic theories, abandoning products that require excessive burning of fossil fuels, drastically curtailing our dependence on oil-burning machines, & beginning to rebuild local infrastructures for food & services is the 1st step. i 
petroleumworld
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http: //www. petroleumworld. com/ SF082904. htm
29/8/2004

petroleumworld

The Washington Monthly
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http: //www. washingtonmonthly. com/ archives/ individual/ 2005_ 06/ 006429. php
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The Washington Monthly

Surging oil price - will it continue and what's the impact
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http: //www. askted. com. au/ askted/ displayContent? content= Surging_ oil_ price. xml& path= /WebSite/ AskTedArticles/ PersonalFinances/
4/10/2005

Surging oil price - will it continue and what's the impact

Research - Hurricane Katrina - Economy - Oil - Gas - Energy - Prices - Natural Disaster - Deloitte Touche Tohmatsu
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http: //www. deloitte. com/ dtt/ research/ 0, 1015, sid= 1000& cid= 93647, 00. html
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Research - Hurricane Katrina - Economy - Oil - Gas - Energy - Prices - Natural Disaster - Deloitte Touche Tohmatsu

AFH LIBRARY - Peak Oil and the Extinction of Humanity
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http: //www. alkalizeforhealth. net/ Lpeakoil. htm
23/9/2005

AFH LIBRARY - Peak Oil and the Extinction of Humanity

How to Avoid Oil Wars, Terrorism, and Economic Collapse - by Richard Heinberg
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http: //museletter. com/ archive/ 160. html
12/9/2005

How to Avoid Oil Wars, Terrorism, and Economic Collapse - by Richard Heinberg

 i  Meanwhile oil companies routinely (...) report reserve growth for fields discovered decades ago. i  Moreover, even though there may be dispute as to the timing of these events, its  ? becoming widely acknowledged that the world peak in all combined petroleum sources will have significant global economic consequences. Even if optimistic forecasts of the timing of the global production peak turn out to be accurate, the world is facing an historic change that is unprecedented in scope & depth of impact.   i  In short, the global peak in oil production is likely to lead to economic chaos & extreme geopolitical tensions, raising the spectres of war, revolution, terrorism, & even famine, unless nations adopt some method of cooperatively reducing their reliance on oil.  
 i  Fortunately, such an assessment has already been undertaken - "Peaking of World Oil Production: Impacts, Mitigation, & Risk Management," a Report prepared by Science Applications International Corporation (SAIC) for the US Department of Energy, released in Feb 2005, & authored principally by Robert L. Hirsch (hereinafter referred to as "the SAIC Report").   The SAIC Report concludes that substantial mitigation of the economic, social, & political impacts of Peak Oil can come only from efforts both to increase energy supplies from alternative sources & to reduce demand for oil. i  If the world reaches the peak of production within the next 2 years there will be too little time to undertake major mitigation efforts prior to the event, & therefore there are likely to be severe economic, social, & political impacts, as outlined in the SAIC Report.   i  maintain that, "Intervention by governments will be required, as the economic & social implications of oil peaking would otherwise be chaotic. i  Importers: No one doubts that industrial nations will find it difficult to sustain economic growth while using less oil on a yearly basis. i   i 
Economists see oil prices crimping growth - Martin Wolk: Eye on the Economy - MSNBC.com
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http: //www. msnbc. msn. com/ id/ 9490466/
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Economists see oil prices crimping growth - Martin Wolk: Eye on the Economy - MSNBC.com

ASPO - The Association for the Study of Peak Oil and Gas
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http: //peakoil. net/ USDOE. html
9/3/2005

ASPO - The Association for the Study of Peak Oil and Gas

 i  The date for Peak-Oil is discussed without focus on the date itself: “ Optimistic oil production forecasts deserve to be viewed with considerable skepticism”, but the impact of Peak-Oil is described without doubts: “ World oil peaking represents a problem like none other. i  According to the study this will have the following impact: “Waiting until world conventional oil production peaks before initiating crash program mitigation leaves the world with a significant liquid fuel deficit for 2 decades or longer. ” Kjell Aleklett, president of ASPO The Mitigation of the Peaking of World Oil Production Summary of an Analysis, Feb 8, 2005 Dr. Robert L. Hirsch A recently completed study for the U.S. Department of Energy analyzed viable technologies to mitigate oil shortages associated with the upcoming peaking of world oil production. i  Someday, electric cars may be practical, but decades will be required before they achieve significant market penetration & impact world oil consumption. i  · Initiating a crash program 10 years before world oil peaking would help considerably but would still result in a worldwide liquid fuels shortfall, starting roughly a decade after the time that oil would have otherwise peaked. i  Without timely mitigation, world supply/demand balance will be achieved through massive demand destruction (...), accompanied by huge oil price increases, both of which would create a long period of significant economic hardship worldwide. i  A fundamental problem in predicting oil peaking is uncertain & politically biased oil reserves claims from many oil producing countries. i  In the developed nations, the economic problems associated with world oil peaking & the resultant oil shortages will be serious. i  Government intervention will be essential, as the economic & social impacts of oil peaking will otherwise be chaotic, & crash program mitigation will need to be properly supported. i 
NewsGateway
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http: //www. newsgateway. ca/ index. html
4/10/2005

NewsGateway

Public Domain Progress: Where is the Hirsch Report?
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http: //www. publicdomainprogress. info/ 2005/ 08/ where- is- hirsch- report. html
3/10/2005

Public Domain Progress: Where is the Hirsch Report?

Richard Heinberg: THE PARTY'S OVER
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http: //www. museletter. com/ partys- over. html
25/4/2005

Richard Heinberg: THE PARTY'S OVER

 i  Industrial nations also came to rely on an economic system built on the assumption that growth is normal & necessary, & that it can go on forever.   When oil production peaks, those assumptions will come crashing down.   i  Assuming that the peak in global oil production occurs in the period from 2006 to 2015 & that there is an average 2 % decline in energy available to industrial societies each year afterward, in your imagination you will have taken a trip into the future, to perhaps the year 2050.   i  Petroleum geologists like Colin Campbell (...) point to simple facts like these: Oil discovery in the US peaked in the 1930s; oil production peaked roughly forty years later. i    Global Discovery of OilGlobal discovery of oil peaked in the 1960s. Since production curves must eventually mirror discovery curves, global oil production will doubtless peak at some point in the foreseeable future. i  Solar & wind are renewable, but we now get less than one % of our national energy budget from them; rapid growth will be necessary if they are to replace even a significant fraction of the energy shortfall from post-peak oil. i  The oil peak will also impact international relations.
FuturePundit: Matthew Simmons On Softening Oil Peak Impact
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http: //www. futurepundit. com/ archives/ 003017. html
4/10/2005

FuturePundit: Matthew Simmons On Softening Oil Peak Impact

Peak Oil scenarios
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http: //www. oilempire. us/ peakoil- scenarios. html
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Peak Oil scenarios

Untitled Document
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http: //www. stonecurves. com/ biographies. html
15/9/2005

Untitled Document

2005 Oil Economics
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http: //healthandenergy. com/ 2005_ oil_ economics. htm
3/10/2005

2005 Oil Economics

EconLog, The Peak in Oil Supply, Arnold Kling: Library of Economics and Liberty
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http: //econlog. econlib. org/ archives/ 2005/ 07/ the_ peak_ in_ oil. html
29/9/2005

EconLog, The Peak in Oil Supply, Arnold Kling: Library of Economics and Liberty

Hustler Articles
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http: //www. larryflynt. com/ notebook. php? id= 96
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Hustler Articles

 i  Although skeptics have dismissed many of Ruppert's claims as "far-out conspiracy theories," his in-depth scrutiny of the Peak Oil model is impressive, hard to ignore & consistent with recent events.HUSTLER: Tell us about Peak Oil.  i  When you reach peak production, oil fields start to decline. i  Once you start going down that slope-& its  ? my personal belief that we are now + or - one year away from the all-time planetary peak of oil production-you're going to have less & less oil, even as demand increases exponentially. i  The discoveries of oil fields peaked in 1964. According to Hubbert's Peak, the 1st real model of Peak Oil, production always peaks about 40 years after discoveries peak. i  International, the world's largest energy-investment bank] & Colin Campbell [...] have come to the conclusion that future economic growth is no longer possible. i  Alan Greenspan & one other member of the Federal Reserve Board of Governors have already said that oil prices are beginning to hit GDP growth. [ i 
Peak Oil Watch - Following coverage of oil production peak risks - CAMWEST
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http: //camwest. pps. com. au/ projects/ oil. html
10/6/2005

Peak Oil Watch - Following coverage of oil production peak risks - CAMWEST

No 1, 2004 No 1, 2004
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http: //www. currentconcerns. ch/ archive/ 2004/ 01/ 20040118. php
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No 1, 2004 No 1, 2004

Peak Oil News: BP Amoco's magic curve
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http: //peakoil. blogspot. com/ 2005/ 05/ bp- amocos- magic- curve. html
28/9/2005

Peak Oil News: BP Amoco's magic curve

The Cavalier Daily
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http: //www. cavalierdaily. com/ CVarticle. asp? ID= 22974& pid= 1281
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The Cavalier Daily

 i  As this issue could have such grave consequences, Congress must lead the world into a comprehensive survey of the long term prospects for growth in petroleum production, & take action to correct the problem if the survey determines that the world's oil-fuelled economy is unsustainable. The central problem in the view of peak oil theorists is that the world's finite supply of oil cannot keep pace with its skyrocketing demand. i  While the world's demand for oil has been rising, oil discover has been declining for decades. i  After reviewing the state of the world oil stocks, the BBC cited him as saying, "Peaking is at hand, not years away. While the potential for a long-term decline in oil production may not be the most thrilling subject for a special on the nightly news, it would impact the lives of every person on the planet. As modern economies depend on cheap oil not only for virtually all of their transportation needs but also for the manufacturing of plastics & fertilizer, shortages in the supply of oil will lead to tremendous increases in costs for businesses that will force them to cut back on production & raise prices for consumers. i  Such steps would delay the onset of declining oil production & help to build a bridge to energy sources that could sustain the world's prospects for continued economic growth & prosperity. The Department of Energy characterized the need for action in a Feb 2005 report that stated, "World oil peaking represents a problem like none other. i 
FuturePundit
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http: //www. futurepundit. com/
4/10/2005

FuturePundit

IV INTERNATIONAL WORKSHOP ON OIL AND GAS DEPLETION
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http: //www. cge. uevora. pt/ aspo2005/ abstracts. php
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IV INTERNATIONAL WORKSHOP ON OIL AND GAS DEPLETION

Morgan Stanley
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http: //www. morganstanley. com/ GEFdata/ digests/ 20050909- fri. html
9/9/2005

Morgan Stanley

 i  This is the essence of the shoestring economy -- a United States that is lacking the saving cushion needed to fund future growth & ward off the impacts of more immediate shocks.   While a cyclical rebound in the economy has led to a temporary improvement in the federal budget position, the combination of Katrina-related assistance & energy-driven impacts on economic growth -- to say nothing of the ongoing expenses of US occupations in Iraq & Afghanistan -- point to a renewed widening of government budget deficits.    i  Global: G7: Currency Impact of High Oil Prices & Katrina Stephen L Jen (London) Here, we revise our currency forecasts to reflect the rise in oil prices, & the impact of Hurricane Katrina.    i  This is why,..., we consistently resist endorsing the prevalent market view that USD/AXJ & USD/JPY should sell off.     In order of importance, I rank them as follows:   (1) US housing cycle, (2) the Fed’s policy, (3) oil prices, (4) petrodollar reflows, (5) Asian central bank diversification/redistribution, (6) Japan’s economic recovery, (7) currency politics between the US & China, (8) the fickle investor sentiment, & (9) the return of the ‘$-will-crash-due-to-the-large-C/A’ thesis.   We’ve taken a fresh look at our forecasts following upward revisions to the global economics team’s oil price profile (...).    i  However, assuming that oil prices don’t rise continuously, 1st round impacts on inflation will be temporary.     i 
Iraq and the Problem of Peak Oil
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http: //globalresearch. ca/ articles/ ENG408A. html
31/3/2005

Iraq and the Problem of Peak Oil

A Leftist Youth Journal Based in the U.S.
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http: //www. lefthook. org/ Theory/ Chege050505. html
23/9/2005

A Leftist Youth Journal Based in the U.S.

 i  1930 was the year in which oil discovery in the continental US hit its peak; since then the industry has been finding fewer & fewer oil fields to replenish what it has been bringing to the market. Having graphed the history of oil discovery, Hubbert compared it to a graph of subsequent oil development & predicted the peak in oil extraction would follow in the early 1970s [7]. i  Make no mistake, all scenarios of oil depletion that don't include a transition to an alternative energy source end with economic stagnation & collapse following the production peak for all industrialized nations. US economic hegemony is founded on the use of the $ as the only currency accepted for international oil transactions. i  The economic plateau that peak oil signifies means that the economy will no longer be able to grow out of the debt it incurs to keep it functioning. A limit to oil based economic growth resulting from the global Hubbert Peak is the end of capitalism as we know it. i  However, what often goes unseen is the role oil plays in delivering the coal from the mine to the power plant, & any shortfall in oil supply will still greatly impact coal-generated electricity. i  The transition will take time but must be made before the inevitable economic contraction caused by declining oil production renders it impossible.
Daily Times - Site Edition
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http: //www. dailytimes. com. pk/ default. asp? page= story_ 29- 9- 2005_ pg5_ 20
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Daily Times - Site Edition

Katrina unlikely to derail national economy - Martin Wolk: Eye on the Economy - MSNBC.com
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http: //www. msnbc. msn. com/ id/ 9231551/
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Katrina unlikely to derail national economy - Martin Wolk: Eye on the Economy - MSNBC.com

theedgedaily.com
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http: //www. theedgedaily. com/ cms/ content. jsp? id= com. tms. cms. article. Article_ b10c0060- cb73c03a- 90fa0500- e05b776c
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theedgedaily.com

UAE: Double-digit growth seen in 2005 | SCB Economic Update
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http: //www. ameinfo. com/ 66858. html
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UAE: Double-digit growth seen in 2005 | SCB Economic Update

 i  Of course, for the Middle East, higher oil prices are a boon to economic activity both directly & indirectly. i  In 2004, oil production accounted for almost a 3rd of overall economic activity. Therefore, higher oil prices alone should contribute 11-12% to nominal GDP growth in 2005. i  While the impact on production is only likely to be felt in 2006, the investment in this capacity is already boosting economic activity. i  Meanwhile, increased oil production is expected to be a boon for real growth. i  Looking over a longer time period, the key challenge for the UAE is to translate these strong fiscal surpluses into a sustained strong economic performance, even in the event that oil prices slump. i 
The Cultural EconomistThe Cultural Economist
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http: //www. tceconomist. blogspot. com/
23/9/2005

The Cultural EconomistThe Cultural Economist

AltEng
85% (43)
http: //alteng. blogspot. com/
4/10/2005

AltEng

Impact of oil price still small
Impact of oil price still small: "High energy prices are a burden on households & could ultimately restrain economic growth but so far the impact has been modest, a top White House economic adviser said on Tue...
After the storms, have oil & gasoline prices peaked?
 i 
     i  I argue it controls whether peak oil is minor unpleasantness, or Overshoot-style die-off. If we understand these issues, I think it can help to clarify exactly why one might choose to live at one or other end of the peak-oil spectrum - complacency or panic.
 i  Since the other 2 scenarios are "survivable" according to the author, it seems like we have little to worry about from peak oil. i  Peak Oil is getting media attention these days, with predictions that Civilization as we know its  ? "about to end". In reality, Peak oil will be a non-event. i 
CERA examines possible global impact of China's energy situation | EnergyBulletin.net | Energy and Peak Oil News
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http: //www. energybulletin. net/ 300. html
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CERA examines possible global impact of China's energy situation | EnergyBulletin.net | Energy and Peak Oil News

Dollar on an oily slope | EnergyBulletin.net | Energy and Peak Oil News
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http: //www. energybulletin. net/ 4032. html
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Dollar on an oily slope | EnergyBulletin.net | Energy and Peak Oil News

BELLACIAO - Iraq and the Problem of Peak Oil - William Engdahl - Collective Bellaciao
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http: //bellaciao. org/ en/ article. php3? id_ article= 2475
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BELLACIAO - Iraq and the Problem of Peak Oil - William Engdahl - Collective Bellaciao

Dec 20 Peak Oil Economics & Money - What Underwrites our Dollar? David Ford 321gold
85% (47)
http: //www. 321gold. com/ editorials/ ford/ ford122004. html
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Dec 20 Peak Oil Economics & Money - What Underwrites our Dollar? David Ford 321gold

Regime Change Begins at Home
85% (48)
http: //www. philhart. com/ peak_ oil. php
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Regime Change Begins at Home

Peak Oil its  ? not an easy thing to say that the lifestyle we take for granted is coming to an end, but I am now convinced that the next 10 years won't be like the last.   i 
  • Worldwide oil discovery peaked in 1964 & has been falling every since.
 i  For a world built on an assumption of continuing 'economic growth' & 'official' forecasts of oil production increasing until well after 2020, this is challenging news.  
Figure 5: Production as Forecast by the Association for the Study of Peak Oil
The Association for the Study of Peak Oil (ASPO) is a network of scientists, affiliated with European institutions & universities, having an interest in determining the date & impact of the peak & decline of the world's production of oil & gas, due to resource constraints. i  This will be only a few years early - not as we have discovered more oil than they predicted, but as of the oil shocks of the 1980's we have used less in the meantime, slightly delaying the peak.   Try a search on 'Peak Oil' or just 'Oil Production'.   i  Depletion Scotland: A simple introduction to the 'Peak Oil' issue & good links to other key sites & the proceedings of a Peak Oil conference in Edinburgh, which I attended.   i 
Overview - Energy Scenarios Ireland
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http: //info. energyscenariosireland. com/ index. php? title= Overview& amp; printable= yes
16/8/2005

Overview - Energy Scenarios Ireland

Peak Oil: Life After the Oil Crash
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http: //lifeaftertheoilcrash. net
2/10/2005

Peak Oil: Life After the Oil Crash

In a 1999 speech he gave while still CEO of Halliburton, Cheney stated: By some estimates, there will be an average of 2-% annual growth in global oil demand over the years ahead, along with, conservatively , a 3-% natural decline in production from existing reserves. The decline of oil, the principal driver of economic growth, undermines the validity of that collateral which in turn erodes the valuation of most entities quoted on Stock Exchanges.The oil driven "economic growth" Dr. Campbell speaks of is absolutely necessary for individuals, businesses, & governments to pay off their debts. EG ? , on June 28, 2005, Gary Duncan, the economics editor for the UK based Sun Times , reported that the Bank of International Settlements (BIS), aka "the central banker's central bank", had issued the following warnings regarding the economic fallout of further rises in the price of oil: Oil prices may well remain high.. . . . .As mentioned previously, Dick Cheney made the following statement in late 1999:   By some estimates, there will be an average of 2-% annual growth in global oil demand over the years ahead, along with, conservatively , a 3-% natural decline in production from existing reserves. If energy peaks, particularly while 5 of the world’s 6.5 billion people have little or no use of modern energy, it will be a tremendous jolt to our economic well-being & to our health — greater than anyone could ever imagine. Entitled "The Mitigation of the Peaking of World Oil Production," the report observed: Without timely mitigation, world supply/demand balance will be achieved through massive demand destruction (...), accompanied by huge oil price increases, both of which would create a long period of significant economic hardship worldwide.Click Here to Go to Page 2 of LATOC Topics Covered on Page 2 Include : Increased Discovery/Exploration for Oil, Oil Sands & Oil Shale, Oil Industry Reactions to Peak Oil, Abiotic Oil Theory, Drilling in ANWR, Laws of Supply & Demand/Market Forces, Alternative.,.,.,.,.,.,.,.,,,,-,-,,,',,,,,,

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