Friday, March 04, 2005
"The End Is Nigh!" - Official
A quite staggering article has appeared on the web in the latest issue of the ASPO Newsletter (Link to PDF). ASPO is the Association for the Study of Peak Oil. ASPO is openly an organisation with an agenda, but even those who disagree with that agenda acknowledge that it is made up of serious people with no personal axe to grind, and who are putting forward very well researched information.
In summary, the DoE seems to be saying that the problems posed by the peaking of oil supplies are massively worse than has previously been acknowledged. They suggest that in order to mitigate these problems, a Crash program (and by this they mean a huge focus of political will, resources and time; making it a major priority of our society) needs to be implemented 20 years prior to the peak of oil supply.
Hand in hand with the DoE announcement, it is clear to me that the rise in target band tells us two things. One (the less significant) is that OPEC has lost faith in the strength of the dollar. The second is that OPEC is sending the world a coded message.
We're running out of oil.
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