Sunday, March 02, 2008

CIBC's Rubin Says We're Already Peak Oil

Jeff Rubin, chief economist of CIBC World Markets, has said that we are already in Peak Oil, according to this Toronto Star article. Not only that, but we've been there since 2006. Not only that, but demand is growing so rapidly that a plateau in production is as good as a decline, according to this CIBC article by Rubin (from last summer). This article says that he sees "oil at $150 (U.S.) a barrel within the next four years – possibly much sooner," and "He supports the peak oil theory and believes we've already passed the peak in conventional production."

I only wish I could derive some satisfaction from saying, "I told you so."

The best thing to do is figure out ways to cut our consumption, so we can ride the tsunami. Buy a bike, install new windows, get solar heating on our roofs...

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