A moment of reality from the mainstream

From an article in the business Age…

World faces 'oil crunch' within five years
August 3, 2009 - 11:15AM
A disastrous energy crunch is looming because most of the major oil fields in the world have passed their peak production, a leading economist has warned.

Fatih Birol, chief economist with Paris-based International Energy Agency (IEA), said such an ''oil crunch'' within the next five years could jeopardise recovery from the global recession.

Of course the problem is still some way off according to Fatih Birol…

[with] global production likely to peak in about 10 years - at least a decade earlier than most had estimated.

Actually global production appears to have already peaked, but never mind. This article picks up an interview in the "Independant" and has caused a stir in the mainstream media across the world. There's a great post on The Oil Drum about it: check it out, especially the comments.

What does it all mean? It means you've been warned folks. This is real and coming to your town very soon. Of course within a day or so the article will have been forgotten and we will slip back into the well of forgetfullness if we drink too deeply at the well of mainstream media. But the clock is ticking.

Last year at my public meeting I said five years for Australia, before we face the end of oil based prosperity. Only four years to go now.