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President
Micro-Utilities, Inc.
Are the United States and other countries facing a looming threat of another oil-related recession? Prior to the economic crash in 2008 the price of oil steadily increased. As the world margin between supply and world demand approached zero, oil prices rose. When this margin went to zero, oil prices hit $147/barrel and the recession began. Unlike many politically initiated oil recessions of the past, a major recession trigger in 2008 was a “physically” initiated event — the disappearance of the margin between world supply and demand. Physically initiated oil recessions do not have the post-peak, national, debt-free “stimulus package”… [more]
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University Distinguished Professor
Michigan State University, Dept. of Chemical Engineering
The last century can rightly be called the Age of (Inexpensive or ‘Cheap’) Oil as world oil consumption grew from about 20 million tons per year in 1900 to just under 400 million tons per year in 2005. Since 2005, however, world oil consumption has been nearly constant despite high demand and record high oil prices, which indicates that we simply cannot produce oil any faster. And since oil is not renewable, eventually the production (and therefore the consumption) of oil must decline. Declining oil production will be an extremely painful reality for the U.S. because not only does the… [more]
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