“A new analysis concludes that easily extracted oil peaked in 2005, suggesting that dirtier fossil fuels will be burned and energy prices will rise.” (Source: Scientific American)
This Scientific American article summarises a report in Nature magazine confirming that the age of cheap oil is over and that as a result we live in different times. Will The Anthropocene give way to the Post-Oil, Post-Growth era?
Another interesting quote from this report makes the link between peak cheap oil and the current economic crisis:
“King and Murray [the authors of the report] argue that global economic growth itself may be impossible without a concurrent growth in energy supply (that is, more abundant fossil fuels, to date). "We need to decouple economic growth from fossil-fuel dependence," King adds. "This is not happening due to industrial, infrastructural, political and human behavioral inertia. We are stuck in our ways."