Does BP stand for “Beyond Petroleum” after all? Will BP’s gusher in the Gulf of Mexico, projected to be the worst in U.S. history, be one of many catalysts we Americans need to change our lifestyle? Let’s hope so.
Most oil wells in the U.S. are experiencing declining production and have been for decades. U.S. oil production peaked in 1970 and Alaska oil production peaked in 1990. World oil production seems to have peaked in 2005.
BP was out hundreds of miles from shore searching for oil because most easy oil (shallow and close to shore) in the Gulf has been found and tapped. BP is finding it nearly impossible to cap its gusher because the well sits 5,000 feet below sea level and goes down 20,000 feet into the crust. BP is venturing into the unknown at these tremendous depths and pressures.
We are at the threshold of a De-Industrial Revolution. Growth economics is on a collision course with nature. Politicians and lobbyists will continue to negotiate “Climate Change” treaties while we compromise our environment but in the end Mother Nature gets the final word and she never negotiates.
Could the Great Recession be the beginning of the end of the consumer economy? Are debtor nations like Greece, Great Britain and the U.S. paying for a consumer lifestyle on borrowed time? Stay tuned.
We will face a challenging future, but I see healthy trends. This year, for the first time in a century, the number of residents in homes inched up (It is well documented that multi-generational families are healthier for the young and old alike). There are fewer cars on our highways due to increased unemployment and self-employment. More people are growing food in their yards and buying direct from local farmers or at farmers markets. Go green!
Eric Teegarden
Brier
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