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Page added on January 29, 2009

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The Peak Oil Crisis: The Stimulus

As the economy spirals deeper and deeper into an economic morass, Washington’s attention this week is focused on the $900 billion economic stimulus package that is making its way through the Congress.


Opinions as to the efficacy of this effort are all over the map. The President, his allies and advisors knowing they cannot just sit by hoping for better times, have put together a package that is intended to do something for nearly everybody – tax cuts for the middle class, aid to state and local governments to sustain essential services, and above all, funding for projects that it is hoped will create or at least save jobs. They firmly believe that to do anything else would be irresponsible governance.

Critics of the stimulus plan abound. Republicans, who are no longer in charge of much, but can still filibuster the Senate, are calling the stimulus a big Democratic giveaway of borrowed dollars that will bankrupt the government. They, as usual, favor more and bigger tax cuts to deal with the problem. Others, who believe the era of economic growth and prosperity is over, see the plan as a futile effort to revive an un-revivable way of life. They see this plan as a holding action that will spend what may be the last money America can borrow on trying to turn back the clock.


So where does peak oil fit into all this? Let’s start with the words of our new President earlier this week. “At a time of such great challenge for America, no single issue is as fundamental to our future as energy. America’s dependence on oil is one of the most serious threats that our nation has faced. It bankrolls dictators, pays for nuclear proliferation and funds both sides of our struggle against terrorism. It puts the American people at the mercy of shifting gas prices, stifles innovation, and sets back our ability to compete. These urgent dangers to our national and economic security are compounded by the long-term threat of climate change, which, if left unchecked, could result in violent conflict, terrible storms, shrinking coastlines, and irreversible catastrophe.”


Falls Church News-Press



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