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PaulS's picture

NZ Parliament: The next oil shock

NZ Parliament has just released a report that concludes, among other things:

Low-cost reserves of oil are being rapidly exhausted, forcing oil companies to turn to more expensive sources of oil. This replacement of low-cost sources of oil with higher-costs sources is driving the price of oil higher.

World oil production capacity will not grow in the next five years while demand will continue to rise.

Organisations including the International Energy Agency and the US military have warned that another supply crunch is likely to occur soon after 2012 due to rising demand and insufficient production capacity

There is a risk that the world economy may be at the start of a cycle of supply crunches leading to price spikes and recessions, followed by recoveries leading to supply crunches.

Longer summary and link to report here: http://www.parliament.nz/en-NZ/ParlSupport/ResearchPapers/4/6/a/00PLEco1...
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Thank you NZ. just what i have been saying for the past 5 years.

The first shock is behind us (2007/8) bursting the real estate bubble and causing near collapse of the financial system. The next shock will threaten Governments, not banks, since Governments have volunteered to take on all that debt.

That cycle of supply crunches referred to above is the reason why Growth is no longer possible - and that means the collapse of the world financial system.

WE are living in interesting times!

Paul