ENERGY: Peak Oil and the Great Recession
Published May 26, 2011
The year 2008 will be remembered as a major turning point in industrial history, for it was the first year when the world got a taste of the unpredictable price spikes that come from inadequate oil supplies. The first half of the year was marked by a steady increase in the weighted average price of oil, which started the year at about $90 a barrel and finally peaked in July just shy of $150 a barrel. At the same time, the global economy was contracting rapidly with falling industrial production, falling exports, and rising unemployment. By July 1, 2008, many industries that are dependent on oil, especially the airline and trucking industries, were desperate and in danger of being forced out of business. With the average price of gasoline above $4 a gallon in the United States (above $5 in California), car sales plummeted, leading to bankruptcy for much of the U.S. automobile industry and eventually massive goverment bailouts.
From the Post Carbon Institute/Watershed Media Book:
The Post Carbon Reader
Managing the 21st Century’s Sustainability Crises
about The Post Carbon Reader
How do population, water, energy, food, and climate issues impact one another? What can we do to address one problem without making the others worse? The Post Carbon Reader features essays by some of the world’s most provocative thinkers on the key issues shaping our new century, from renewable energy and urban agriculture to social justice and community resilience. This insightful collection takes a hard-nosed look at the interconnected threats of our global sustainability quandary and presents some of the most promising responses.
Contributors to The Post Carbon Reader are some of the world's leading sustainability thinkers, including Bill McKibben, Richard Heinberg, Stephanie Mills, David Orr, Wes Jackson, Erika Allen, Gloria Flora, and dozens more.
Published by Watershed Media, October 2010
552 pages, 6 x 9“, 4 b/w photographs, 26 line illustrations
$21.95 paper 978-0-9709500-6-2