Wednesday, October 26, 2011

Next Great Recession - probably coming in 2012

Over a year ago I wrote a blog entry which speculated that the relationship between peak oil and economic growth would result in another major recession - on the scale of 2008 - that would occur in 2010 or 2011. Yesterday I took some time to review the International Energy Agencies data on oil supply and demand and quickly learned that we are living on borrowed time again. For the few quarters oil demand has outpaced supply and the emergency oil reserves held by the industrialized countries are being depleted.

Today I found this interesting article on Limits to Growth which contends that 2012 will be a very bad year due to Peak Oil, food prices, Chinese debt, etc.

Looks like my prediction may have been off by a year or so...

The Oil Drum | Are We Reaching “Limits to Growth”?

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