Exactly how things pan out will I think depend a lot on what the decline rate for all hydrocarbons is on the other side of global peak, and when that happens. Ive no idea, and I dont think anybody else has either, as global peak ( as opposed to the local peaks we've already seen) will be a unique event.MacG wrote: The current global economic order will not be able to survive many years of decline in oil extraction.
I certainly dont subscribe to the extreme doomsters view that we'll all wake up one morning and suddenly "Peak Oil! " - then by next Tuesday I'll be eating Uncle Albert. This will I think play out over several decades. There is after all still a trillion or so barrels of black stuff to extract, even if at an ever decreasing rate of flow...
I agree with those who say that the geologically constrained peak is something we will only ever be able to identify with the benefit of hindsight. I dont think we'll be certain its happened till about ten years or so after the event, as there are of course other reasons why global consumption can temporarily decline. We've seen that before.