ECONOMIC GROWTH TO END SOON, FOREVER!!

Peak Oil is the idea that the world’s oil production will soon reach a peak and then begin to decline. This will have epoch-changing effects on a growing globalised world economy where over 60 per cent of energy demand is met by burning oil and gas, and where 95 per cent of transport is driven by oil. Over the last couple of years the status of the peak oil idea has been transformed from that of a Chicken Little conspiracy theory to one commanding the public attention of national governments. The weeks before Easter 2007 were a truly momentous period for the peak oil debate. Highly respected figures in the oil industry, such a energy investment banker Matt Simmons and legendary Texas oilman T.Boone Pickens, abandoned their usually restrained commentary to declare that world oil production was now at its peak and would henceforth fail to meet future demand increases.

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