On Hubbert’s Peak
Some prognosticators contend that a massive economic shift will occur if and when the world’s oil supply begins to run out– as oil is consumed faster than new sources are located so that our “known reserves” begin to decline. (This tipping point is known as “Hubbert’s Peak.”– a.k.a. “Peak Oil“) Some of the most alarmist analysts suggest that this may start as soon as 2010. Here, I should forthrightly note that since I have faith in capitalist ingenuity, I believe that any such shortage will occur much later. They say that as wells shut down and supply decreases, we will …