Earth’s Limitations: How Peak Oil Threatens Economic Growth
In the second video in the series “Peak Oil and a Changing Climate” from The Nation and On The Earth productions, Richard Heinberg, senior fellow with the Post Carbon Institute, discusses how depleting oil supplies threaten the future of global economic growth.
According to Heinberg, historically there has been a close correlation between increased energy consumption and economic growth. If the economy starts to recover after the financial crisis and there is an increased demand for oil but not enough supply to keep up with that demand, we may hit a ceiling on what the economy can do.
“What politician is going to be able to standup in front of the American people and tell them the truth?” Heinberg asks. “Every politician is going to want to promise more economic growth and blame the lack of growth on the other political party…. The whole political system starts to get more and more polarized and more and more radical until it just comes apart at the seams.”
For Heinberg, however, there is still hope: alternative energy sources, though difficult to implement on a large scale, do exist, and a grassroots movement is strongly advocating for new thinking about our energy consumption.
Go here to see the first video in the series.