Richard Heinberg: Decline of Oil, Rise of Local Economies
length: 53:31 credit: Shift Shapers download
What happens when the very thing that has fueled the global economy for more than 100 years - fuel itself - gets past its peak and begins a sure, steady decline?
Heinberg is a Senior Fellow at Post Carbon Institute. In this 55-minute interview, he says global oil production peaked about 6 years abo, and is now declining as demand escalates. Growth requires resources, so it is no coincidence that the world's banks and governments have plunged into financial collapse.
Since the U.S. hit peak oil production in 1970, its growth has been propped up by computer innovations, the use of 3rd world labor to replace U.S. workers, and recently by a toxic soup of financial schemes pumped out by Wall Street.