Saturday, April 18, 2009

Peak Oil Recession: "IMF sees long and severe slowdown," BBC News, April 16, 2009

"The current global recession is likely to be 'unusually long and severe, and the recovery sluggish,' the International Monetary Fund has warned."

"Slowdowns linked with financial crises tend to be severe, while synchronised slowdowns last longer, it said.

The current global crisis has also been strongly felt in emerging economies, it said in its World Economic Outlook.

The global links between financial sectors have intensified the speed the downturn has spread across the world.

With the financial crisis intensifying, more countries are coming to the IMF for help and its supply of funds to loan may run out." mention of oil production or Peak Oil.

(Article and video)


Anonymous said...

I suggest you check out "Prescription for the Planet," by Tom Blees. Integral Fast Reactors are 100-300 times as fuel efficient as today's nuclear reactors, embody passive safety, and proliferations-resistance. We have the technology now!

steve said...

Peak oil is still far from mainstream consensus and still not seen as a causing or even partly causing the current economic crisis despite the obvious links (car industry, aviation etc).

However an April 6th article in the Financial Times might indicate a change here:

Theory of oil-shock recession"The evidence to me is persuasive that, had there been no oil shock, we would have described the US economy in fourth-quarter 2007 to third-quarter 2008 as growing slowly, but not in a recession."Other economic models do not come up with such a powerful role for oil. But, given the central importance of events such as the steep fall in vehicle sales, the general slowdown in consumer spending and the plunge in consumer sentiment in the first half of 2008 - all of which are strongly influenced by petrol prices - it does not seem implausible to think that the cost of oil was a critical factor in the downturn.

Clifford J. Wirth, Ph.D., Professor Emeritus, University of New Hampshire said...

Dear Anonymous (favoring breeder reactors),

Electric power is not the liquid fuel we need for tractors/combines, trucks, trains, and ships. As factories, shopping centers, and offices close we will have ample electric power.

Anonymous said...

Growing economy, thus growing oil production, is the premise of our modern civilization. You can't expect the mainstream media to confess it until the problem can not be concealed any longer.

Clifford J. Wirth, Ph.D., Professor Emeritus, University of New Hampshire said...

Hi Anonymous,

I agree, that is why the National Academy of Sciences should study Peak Oil impacts. This would force the print media to focus on Peak Oil impacts.

Anonymous said...

I believe that humankind are in an age of incredible material abundance. Everything is readily available by just pushing a button or making a mouse click. But the final judgement on the sustainability of this life style will not be very far away as peak oil looms.