Commentary in Nature: Can Economy Bear What Oil Prices Have in Store?
Two scientist say oil production has leveled off since 2005 and are now resistant to increase. The easy oil has been extracted, what is left is more expensive to mine.
Past global depressions have been preceeded by oil price increases. To avoid global recession "will require either an heroic increase in oil production, ... increased efficiency of oil use, more energy-efficient growth or rapid substitution of other fuel sources,” according to the commentary. “Economists and politicians continually debate policies that will lead to a return to economic growth. But because they have failed to recognize that the high price of energy is a central problem, they haven’t identified the necessary solutions: weaning society off fossil fuel.
Summary by Alan Detwiler, bio at http://www.smashwords.com/profile/view/alandetwiler