Here’s an interesting little stat from the Euro Crisis. There have been a lot of articles about recently questioning the validity of Peak Oil. Daniel Yergin, Tar Sands, ‘Fracking’, so-called ‘new discoveries’ etc. Makes you wonder if the theory is indeed a lot of ‘hot air.’ Maybe I’m a cynic, but I wouldn’t write it off yet. I reckon that all these things are the symptoms not the cure for Peak Oil. Call it a gut feeling!
Take this article. Brent Crude almost hit its all-time high in Euros last week according to the Wall Street Journal. Only 86 euro cents below the 2008 high apparently. The article demonstrates how weak the currency is. In fact, I’d say the Euro is as big a basket case as Greece itself. The purchasing power of the currency is dropping like a stone. Interestingly, as the article points out, it appears that countries like Spain and Greece are heavily reliant on oil imports from the likes of Iran, Greece in particular. Oh dear! Guess what’s happening at the moment? Iran, subjected to EU sanctions over its nuclear programme, decides to stop oil exports to French and British Companies anyway. Seems like Greece and Spain are being affected too (click here.) Remember the laws of Thermodynamics in relation to economics? Seems like adding insult to injury in Greece. And what’s the alternative for that country? No tar sands there, no other sources of cheap energy for them in what suspiciously looks like the onset of Peak Oil or the widely predicted ‘Energy Crunch’.
They say it ain’t over till the Fat Lady sings. She may well end up being a Greek Siren sitting on an empty Iranian Oil barrel as far as the Euro is concerned!
(PS – just saw a programme that mentioned about creating Solar Farms in deserts. In fact, it would only require 1% of desert land surface to meet all the world’s energy demands. The answer to Peak Oil and Climate Change, apart from Nuclear Power. Now that is cornucopian!)