What will happen when we hit Peak Oil? Probably the same thing that happens every time we hear about a dock strike: People will run out and buy three shopping carts of toilet paper.
I think that when we realize world oil supplies are starting to decline, never to recover, prices will become very volatile. Lloyds of London recently published a white paper that warns of $200 oil by 2013.
Inexpensive geothermal for electricity is something that makes sense.
Biofuels-to-electricity is not a good idea. One would have to pay a steep premium to get farmers to grow biofuels.
Next time you hear or see folks talking up biofuels, count the number of farmers in the room. Farmers know the numbers do not come out. This is not rocket science; just plain old common sense.
From the Post Carbon Institute:
It’s Official: The Economy Is Set To Starve
Posted Nov 24, 2010 by Chris Martenson
Part I: It’s the End of the Oil As We Know It…
Once a year, the International Energy Agency (IEA) releases its World Energy Outlook (WEO), and it’s our tradition here at ChrisMartenson.com to review it. A lot of articles have already been written on the WEO 2010 report, and I don’t wish to tread an already well-worn path, but the subject is just too important to leave relegate to a single week of attention.
Because some people will only read the first two paragraphs, let me get a couple of conclusions out right up front. You need to pay close attention to Peak Oil, and you need to begin adjusting, because it has already happened. The first conclusion is mine; the second belongs to the IEA.
Okay, it’s not quite as simple as that; there are a few complexities involved that require us to dig a bit deeper and to be sure our terms and definitions are clear so that we are talking about the same things. Read the rest