Monday, November 15, 2010

Great article that, if correct, would increase the number of bike commuters by 700%

Weeden’s Maxwell: Brace For $300/Barrel Oil
By Olivier Ludwig | November 03, 2010

When Managing Editor Olivier Ludwig caught up with Charles Maxwell, Weeden & Co.’s senior energy analyst, it was to talk about so-called “peak oil,” the theory that holds that the day when oil production around the planet is no longer sufficient to meet demand is nearly upon us. Maxwell, who has been involved in the oil industry for more than half a century, speaks with the slow cadence and easy charm of a man who has mastered his subject. The problem is that if you take his message seriously—and there are plenty of reasons to believe it unreservedly—it can pretty much ruin your day. From having to eat more root vegetables in winter instead of enjoying oranges from Chile, to watching oil prices spike to $300 a barrel by 2020, a world of slowly but steadily dwindling supplies of petroleum would be very different indeed. But there is an upside, once the shock of it sets in: Peak oil will undoubtedly unleash a wave of technological innovation, most importantly in energy efficiency.

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