Wednesday, February 16, 2011
Jeff Rubin's at it again
If you haven't read the book Why Your World is About to Get a Whole Lot Smaller, by Jeff Rubin, you should. Rubin is former chief economist with CIBC World Markets who correctly predicted triple digit oil prices in 2007-2008 and foresaw the ensuing deep recession and plummet to low double digit oil. He is a proponent of peak oil theory and provides ample evidence to support it. The true value of the book though is the prediction of what our world will look like when the economy catches up to the reality of world oil supply. Definitely food for thought for all of us who have an environmental footprint equivalent to 8 human beings and have been living lives propped up by cheap energy for so many years. One of the arguments against peak oil always comes from Saudi Arabia. Opponents argue that the Saudi kingdom has so much oil we won't hit a peak for a very long time. As has been predicted by Mr. Rubin and many other proponents of peak oil theory, turns out the numbers have been fabricated for quite some time. You could expect as much from a tightly controlled autocratic kingdom that relies on a global perception of freely flowing oil to maintain its economic clout. Check out the goods at Mr. Rubin's blog.