[Marxism] Crisis at the peak

Marvin Gandall marvgandall at rogers.com
Mon Mar 8 08:31:52 MST 2004

The world will be plunged into crisis long before it runs out of oil –
in as little as 10-15 years when production will likely peak, according
to energy analyst Paul Roberts in the Los Angeles Times.

Oil optimists think the world won’t run out of reserves until at least
mid-century, by which time alternative energy technologies will have
been developed to replace it. But Roberts says “at some point, however,
production simply won't be able to match demand…we won't be ‘out of oil’
; a vast amount will still be flowing – just not quickly enough to
satisfy demand.”

When that happens, “prices won’t simply increase; they will fly”, as a
“manic” scramble for the remaining supply accelerates its depletion, and
provokes energy wars and a “recession so severe the Great Depression
will look like a dress rehearsal”, he writes.

The worried oil companies know supply and demand are widening faster
than forecast, and their “mantra” has been to “get us back into the
Middle East” which nationalized them when OPEC was formed – a message
“the Bush administration has taken to heart”, without much success,
notes Roberts.

Article reproduced on www.supportingfacts.com.

Sorry for any cross posting.

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