On Monday, the British newspaper The Independent published an interview with Fatih Birol, chief economist for the International Energy Agency, in which Birol warned governments to pay attention to the impending oil crunch. Peak oil arrives within ten years, Birol said, but as demand for oil rises, prices will soar long before that. He predicts an oil-price crisis within two years, crippling any economic recovery. Bottom line: the world needs to adopt substitutes for petroleum, soon, simpl [...]

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