Famed energy scholar Richard Heinberg is extremely conservative with his estimates, and he has updated his forecast. Whereas in spring 2009 he was predicting the industrial age would run until 2014 or perhaps even 2016, he's changed his tune. Radically.…
As I indicated in my previous post, we’ve reached the end of economic growth. I pointed to the Financial Times article that leaked the results of the International Energy Agency’s long-awaited study of the depletion rates of the world’s 400 largest oil fields. The bottom line: “Without extra investment to raise production, the natural annual rate of output decline is 9.1 per cent.”