Richard Heinberg on NZ television

Oil supply could end economic growth - expert

TV3

1 October, 2012

While many people are asking when the world will recover from the global recession, one expert is offering up a different way of thinking.

Richard Heinberg, of the Post-Carbon Institute, says the end of economic growth is inevitable as oil reserves run out, and we will soon face a new reality.

“Conventional oil production is at about a little over 75 million barrels a day, where it’s been since 2005,” he says. So even with very high, persistently high oil prices over the past few years – in 1998 a barrel of oil was $12, today it’s ten times that – even with very high oil prices we’re seeing stagnant rates of production.”

Mr Heinberg says Mitt Romney’s claim that the United States could be oil-independent within eight years is unrealistic.

“Our analysis at the Post-Carbon Institute suggests that these claims are being wildly overblown.”

He says persistently high oil prices are undercutting the global economy.

To see video GO HERE