Our economic perturbations become more bizarre every day.
This month marks the fourth anniversary of now-globally famous commentator Tom Whipple’s “Peak Oil Crisis” column that originated with and has been published weekly exclusively in the Falls Church News-Press, the Washington D.C. area’s most progressive newspaper.
As the economy spirals deeper and deeper into an economic morass, Washington’s attention this week is focused on the $900 billion economic stimulus package that is making its way through the Congress.
On Monday President-elect Obama introduced the folks that will lead the nation’s energy and environmental policies for the next four or possibly eight years.
There is a growing consensus among those who follow such things, that the new high of world oil production (87.9 million barrels a day) reached last July is likely to go down in history as the all-time peak.
Last week the International Energy Agency (IEA) in Paris released their annual report on the state of the world’s energy resources — World Energy Review 2008.
Earlier this week The Washington Post’s media critic, Howard Kurtz, published an apology on behalf of the media for its weak coverage of the multi-year run-up to the current financial debacle.
We are witnessing one of the most eventful weeks in modern history. Stocks and oil prices plunged on Monday and bounced on Tuesday; credit markets seem to be freezing; the Congress remains in gridlock as members watch the approaching elections fearful of what could happen to their incumbency.
Earlier this year I sponsored legislation to establish a Commission on Energy and the Environment that I now chair.
For those who aren’t ready to buy into the concept of world oil production going into decline in the next few years, there is a less worrisome subset making the rounds known as “peak oil lite.”