Wednesday, March 16, 2005

Introduction to Peak Oil

The United States Department of Energy has just published an interesting report. While the title makes you think it deals with the boring subject of oil shale, its importance lies in the section on global oil reserves. This report is another indicator that shows the US government realizes that we have a problem. I’ve been doing a lot of work with my students on the issue of oil consumption and production creating various computer models and trying to simulate the dynamics between price, consumption, demand the limits of this natural resource. While this has proved quite challenging it has also enabled us to develop a much deeper understanding of some of the political, economic and social implications of this coming crisis. If you don’t already know about this issue, this report is a good introduction.

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