Dark Energy – Peak Oil and its Consequences (Myth20c - Ep79)

Energy is the single most vital ingredient after human capital to sustaining an advanced industrialized economy. By 2035, the International Energy Agency estimates the world must invest $48 trillion to meet projected energy demands. Oil and gas have historically been the largest share of global energy spending, but for the first time in 2016 electricity entered the top spot. Oil still remains the most essential component to the omnipresent transportation sector of the economy, but because of the steadily decreasing new discoveries and increased depletion of reserves from growing demand in emerging economies – many energy analysts describe this turning point as Peak Oil. When the oil runs dry, prices skyrocket, as we have seen in the 1970s and 2000s, industrialized economies struggle. Despite the volatility inherent to the oil market, the trend over the past 20 years has been a consistent rise in prices and ever more strain placed on the ecological balance of the earth as growing populations consume more land and resources. As in all ecosystems, however, the carrying capacity will assert itself one way or another – and despite technology’s ability to extend the life of an industrialized society – the physical limits of growth will inevitably constrain the size and scope of unabated consumerism. Despite the interests of big business – this downshifting may actually represent an opportunity for an increase in the quality of life for the rest of us.

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