Sunday, April 15, 2012

What the New 2011 EIA Oil Supply Data Shows

Click here to access article by Gail Tverberg from The Oil Drum.

The author provides a lot of interesting data about energy supplies by type and area. It appears that crude oil has peaked, but liquid energy is being supplemented by natural gas and ethanol for an overall slight increase in liquid energy. 

Except for natural gas supplies in the near future, it looks to me like we can expect energy to continue to increase in the future to a point where prices will create havoc for all capitalist economies with their insatiable demands for growth which cannot be supplied at a cost that economies can handle. I have little doubt that ruling classes will insist on more nuclear power plants with all their problems of costs, disposal of hazardous waste, maintenance, decommissioning, and accident risks.