The Economist Dismisses Peak Oil
The Economist, a periodical around since the early days of the British empire (1843), the latter now defunct because of the unfortunate maneuvering of the British elite in 1939 (is Scotland still part of the empire? Wales?), has great trouble to farewell the oil age. Which is understandable since the exploitation of oil was an essential precondition for the emergence of the British empire in the first place, or the post-1945 American empire for that matter. No oil, no Anglosphere, at least not as a global hegemon. Although the Economist does not exactly buy into the myth of Saudi America, it prematurely assumes that the whole idea of peak oil can be dismissed and that the ‘peak-oil brigade looks out of date‘.
Not so fast.
Looking at the graph, even the Economist assumes that under the new (unrealistic) assumptions US oil production will peak in 2020. That’s merely 7 years away. But as Slate and many others have shown, the shale oil boom will be very short-lived and could peak as early as 2015-2016.
It is true that the shale business will delay execution of industrial society with a few more years, but business as usual is over for good and that reality at the pump will kick in real soon, long before 2020. The Economist is in deep denial.