Peak Oil’s Economic Pain Is Trumps

Oil’s tipping point has passed, and the economic pain of a flattening supply will trump the environment as a reason to curb the use of fossil fuels, say James Murray and David King, in an article just published in the prestigious journal Nature.

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This does not compute

The International Energy Agency has again warned that the high oil price could strangle hopes for a global economic recovery. It also says that 90% of future growth in oil production has to come from the Mid-East, mostly from Saudi Arabia. Without a $100 billion annual investment in that region, oil prices will exceed $150 a barrel. But Saudi Arabia has just announced it is halting its $100 billion oil expansion program? This does not compute.

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