Obama Discovers A New Form Of Energy
Posted by Sonja Ebron
Barack Obama will be the first post-peak oil president of the most oil-hungry country on the planet. The Financial Times, London’s best daily, just previewed an International Energy Agency report that estimates global oil production is now falling 9 percent per year. To be clear, excess oil is the ‘capital’ in capitalism, and it no longer exists. We will see capitalist economies (are there any others?) shrink by at least the rate of oil decline, so we are in for a societal transformation much different than the turn of an economic cycle. Economic activity based on carbon (is there any other?) needs to shrink even faster than oil decline. A recent World Wildlife Fund report suggests our globe is warming five times faster than predicted, and the pace is accelerating. Change is necessary to address the twin crises of peak oil and climate change.
