Could ‘Economic Peak Oil’ Rival the Banking Crisis?

From RTCC

By Tierney Smith

 

‘Economic peak oil’ could cripple the world’s economies by 2014 according to a UK-based think tank, which recommends governments take urgent action to wean their economies off fossil fuels.

In its latest report the New Economics Foundation (nef) argue that the end of cheap oil, and a new age of sustained high oil prices will bring economies to a standstill, create unemployment and deepen poverty.

The Foundation argues that the threat is as real and imminent as the banking crisis which hit the developed world in 2006.

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