Peak Oil Finally Arrives At The IMF
Better late than never; more than a decade after the concept of peak oil was minted, the IMF acknowledges that the consequences could be serious for the economy. But since the IMF does not have a crystal ball, its researchers came with a handfull of scenarios for the future, including grim ones. All told, however, the IMF authors say it’s quite possible that a decent-sized decline in oil production could have “dramatic” effects that could prove very, very difficult for the world to adjust to. Where would we be without the IMF.