Forbes on peak oil [View All]

[Eddie Haskell]

http://www.forbes.com/pictures/efee45fjmg/oil-production-v-oil-discovery

The West and the free market capitalism is caught between a rock and a hard place. If oil approaches $100, the economy starts to swoon, markets fall, the price of oil swiftly drops back below $85 and we're back in business. This has happened repeatedly. We are bouncing off a production ceiling. Our economy is thus constrained and schizophrenic. Planning is impossible in this environment. The only solution is to use less oil by getting more from what we've got. Since production is expected to fall 2 to 3% a year, we should commit to Colin Campbell's solution: use 3% less oil a year and reward efficiency instead of speculation.