IEA Economist: ‘Era Of Cheap Energy Is Over’

WASHINGTON (Dow Jones)–The chief economist of the International Energy Agency said predicted Tuesday that the “era of cheap energy is over,” with oil supply unlikely to keep up with demand.

Fatih Birol told the National Association for Business Economics that China will be the main driver of global oil demand, which he sees increasing by about 1.5 million barrels a day this year.

Birol said he has “serious worries” about whether future supply can meet demand.

More: http://news.tradingcharts.com/futures/6/3/136468136.html

This is huge news, especially to those who have been claiming over the past decade that the concept of Peak Oil is a “hoax”. Each year, the production data and the spot price of oil confirms that yes indeed, Peak Oil is real and it is here now. This has major implications for the entire global economy because so much of the food, medical, transport, travel and manufacturing sectors of the economy are so dependent on fossil fuels.

The good news is that there is still some time to prepare. Invest in a permaculture system for your home today.

To get started, please call Paul Racko of Sierra Permaculture Design at (530)292-3031 or 613-4181.

Permaculture is the wisest investment decision you can make. Call today.

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