23 Oct 2010, 9:01am
Oil and gas prices:
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More on “peak oil” and economic decline

Robert Hirsch

Robert Hirsch

Think back to the oil shocks of 1973 and 1979.

The¬†economic crashes¬†back then¬†are¬†just a taste of what’s¬†coming in¬†two to five years,¬†energy analyst Robert Hirsch told¬†a conference Friday in San Antonio,¬†according to¬†the Express-News.

That’s when Hirsch estimates the world will reach peak oil production. After that,¬†supplies will decline.

It’s going to be chaos, the story described.¬†And this time¬†the recession will¬†be much¬†longer and tougher to turn around.

“There will be no quick fixes,” Hirsch said.

Hirsch first rang the warning in a¬†2005 report¬†he did for the U.S. Department of Energy. He and two other authors have followed up with the¬†‚ÄúThe Impending World Energy Mess,‚ÄĚ a book released this month.¬†Read more in this post.

 

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