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When the oil starts to run out…..
November 30, 2006 4:39 PM
As the oil runs out, economic shock looms
There has been much talk of the need to cut carbon emissions to reduce global warming. However, little thought has been given to what will happen when oil production starts to decline, let alone run out. At their AGM, Chelmsford Lib Dems heard a wide-ranging presentation on the topic, warning of world-wide economic decline. The presentation can be downloaded from the Chelmsford Lib Dem website.
Frank Davis explained that, long before oil runs out, production will decline, forcing up prices. Our whole society rests on oil production, not just for fuel production but for chemicals, plastics and many other products.
Frank also warned that, as oil runs out, global warming could be made worse as some countries might switch back to burning coal. At the moment, oil is cheaper but it might not be once the price starts to rise as supply tails off.
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