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Richard Heinberg: Peak Oil & The Coming Crash

Richard Heinberg is Senior Fellow of the Post Carbon Institute and one of the world’s foremost advocates for a shift away from our current reliance on fossil fuels. In our examination of the themes presented Richard’s recent essay “Our Bonus Decade,” Richard discusses the role skyrocketing oil prices played in the financial crisis of 2008 and how this crisis coincided with a broader shift to unconventional fossil fuel production in our society, including an increased reliance on exceedingly destructive extractive methods such as fracking and tar sand oil extraction (like in Alberta, Canada). What will our civilization’s reliance on fossil fuels mean in the coming years as we come up against not only peak oil production — but also abrupt climate disruption and widespread ecological collapse, in great part as a result of our reliance on fossil fuels these past several centuries? Richard Heinberg is the author of thirteen books, including ‘Peak Everything: Waking Up to the Century of Declines,’ ‘The End of Growth,’ and most recently ‘Our Renewable Future: Laying the Path for One Hundred Percent Clean Energy’ co-authored with David Fridley. Richard is Senior Fellow of the Post Carbon Institute and is regarded as one of the world’s foremost advocates for a shift away from our current reliance on fossil fuels. Keep up to date with Richard’s work at his website: http://richardheinberg.com This is a segment from episode #164 of Last Born In The Wilderness “Our Bonus Decade: Peak Oil & The Unmaking Of The Infinite Growth Paradigm w/ Richard Heinberg.” Listen to the full episode: http://bit.ly/LBWheinberg WEBSITE: https://www.lastborninthewilderness.com



25 Comments on "Richard Heinberg: Peak Oil & The Coming Crash"

  1. Cloggie on Sun, 1st Sep 2019 2:04 pm 

    Heinberg is a one-trick peak oil pony, who hopes that he will be right after all with, albeit with one decade delay.

    In the podcast not a single explicit reference to renewable energy and the results achieved in Europe.

    Regarding fossil fuel, he apparently never heard of UCG, the available quantities of which are virtually unlimited.

    I’m done with Heinberg.

  2. makati1 on Sun, 1st Sep 2019 6:02 pm 

    Heinberg is on the money, but the Fed keeps doing everything and anything to delay the inevitable crash. Zero/Negative interest rates coming up next. Then massive printing of dollars until they truly are just good for starting fires.

    My god! What next? A nuclear war? All to delay the collapse of a corrupt and greedy capitalist system that supports the United States of Terrorism. i hope they fail this time around.

    BTW: Timing means nothing unless you are a day late preparing. I’m ready. Are you?

  3. Shortend on Mon, 2nd Sep 2019 1:09 am 

    I bought his book like a decade ago titled Snake Oil about Shale….seems we are a sloooow motion train wreck…that’s a good thing! Hope it can hold up for another decade, I’ll be real old and not give a hoot!

  4. Luis Alves on Mon, 2nd Sep 2019 1:48 am 

    Wow gyes , well done – nothing wrong at all with euthanasia! – NOT APOCALYPSE , the difference between apocalypse & euthanasia is that you dont smash the sun into the earth to go to hell forever , we use lethal morphin to make a skeleton on your bed so we can rest our souls in peace for ever , regardless of riches left to GOD , it is the rule to all humanity

  5. dave thompson on Mon, 2nd Sep 2019 4:11 am 

    So called renewable energy is made up of devices and schemes that are strictly FF extenders. No FF no so called “renewable”. The world total energy produced by so called renewable energy is less than 3%. Meanwhile oil consumption/production only increases year over year.

  6. Davy on Mon, 2nd Sep 2019 4:56 am 

    “US-China Trade War And Its Effect On Cryptocurrencies”
    https://tinyurl.com/y2l253hj cointelegraph via zero hedge

    “In general, schemes that maintain a high reserve ratio maintain a basket of reserve assets, don’t expose themselves to market speculators and offer redeemability have the highest chance of maintaining their value. Where it would lead With the announcement of Libra by Facebook, every player in the game no longer has to guess what the table stakes are, and it’s time for the players to put their antes in. The People’s Bank of China reportedly added nongovernmental organizations to its network. “Inspired by Libra” and by the work South Korea’s Klaytn is doing with its governance council, the PBoC has certainly mirrored what Facebook has done with the Libra Foundation. With billions of messenger users and bank customers being introduced to blockchain-based payment solutions, we can be sure that every major organization in the world will have to craft a response to this unprecedented situation. And the competition between nations and ideologies — such as China vs. the West — can actively accelerate the delivery of solutions that will form the basis for mass adoption of cryptographic assets.”

  7. Davy on Mon, 2nd Sep 2019 4:57 am 

    “The Only Question That Matters Now: “Will The US Consumer Hold Up”
    https://tinyurl.com/y3nnmab9 zero hedge
    Authored by Michael Wilson, chief US equity strategist at Morgan Stanley

    “Fast forward to today, and it’s safe to say that the global economy has disappointed most expectations this year, even ours, and it hasn’t just been China weakness. With 70% of PMIs around the world now below 50, we haven’t seen negative breadth like this since the global financial crisis. The UK, Singapore, Hong Kong, Japan and Germany are very close to a recession already. That’s a good chunk of the global economy. Meanwhile, US corporate profits and capital spending have disappointed this year, too. Despite these twin headwinds, the US economy remains okay. US GDP has been slower than expected for the first half of the year, but still growing at a respectable 2%, thanks to a resilient US consumer. Since last October, I’ve been steadfast in my call for a US profits recession this year and skeptical of the big second half recovery that company management teams promised back in the first quarter. With second quarter earnings season throwing cold water on a second half recovery in profits growth.”

    “This matters because the bullish narrative today is that while the US industrial/manufacturing part of the economy is weak, the US consumer remains strong, so the US economy can avoid a further slowdown or recession. Though that may be true for now, this profit trend is unequivocally bad, and getting worse. Such a broad profits recession, if it doesn’t get better soon, is exactly what could lead to layoffs. Obviously, such an outcome would negatively affect the US consumer and is really all that separates the US economy from a recessionary outcome. On that score, we’re already seeing companies take action on labor by reducing the number of hours worked and hiring at a much slower pace than last year. While it’s not yet clear whether layoffs are coming, the risk is elevated, and it’s unlikely that the third quarter earnings season will bring much comfort, given the newly enacted tariffs that kick in this week.”

  8. Davy on Mon, 2nd Sep 2019 4:57 am 

    “For Second Week In A Row, Fed Buys Treasuries (AKA, QE4!?!)”
    https://tinyurl.com/y2hrz32x economica via rice farmer

    “For Second Week In A Row, Fed Buys Treasuries (AKA, QE4!?!) Summary After 250 weeks without a purchase of Treasuries (since Oct. 2014), for the second week in a row, the Federal Reserve bought Treasuries. The $14 billion in purchasing is in stark contrast to the zero purchases and selling during Quantitative Tightening. When the Fed sells Treasuries, asset prices struggle, but when the Fed buys Treasuries, asset prices have surged…Since March 2019, when the Fed rolled out its latest plan (HERE)…The Fed has ended its Treasury runoff sooner than communicated, cut rates as they said they would not, and is buying mid and long duration bonds while aggressively rolling off / selling off notes and bills…again, opposite to what they previously communicated or insinuated.”
    Comment section: The Fed has already announced they will be re-investing the principal repayments from their MBS holdings into treasuries, so this is a non-event and not news to the market. The Fed is swapping their holdings of GSE mortgage bonds for treasuries which are more effective for conducting monetary policy operations.
    Comment section: Since March 2019, when the Fed rolled out its plan…The Fed has ended its Treasury runoff sooner than they had communicated, cut rates as they said they would not, and is buying mid and long duration bonds while aggressively rolling off / selling off notes and bills…again opposite to what they previously communicated (insinuated). I think this is noteworthy!

  9. Davy on Mon, 2nd Sep 2019 4:58 am 

    “Recession Alarm: Crude Processing At US Refiners Falls The Most Since Financial Crisis”
    https://tinyurl.com/y4dasdje zero hedge via rice farmer

    “There are more signs the US economy is rapidly deteriorating. This time it’s coming from the energy sector. A new report from Reuters’ Senior Market Analyst John Kemp reveals how US refiners have cut the volume of crude processed this year to levels not seen in a decade as fuel stockpiles remain at elevated levels, suggesting a manufacturing and freight recession could be materializing. US refineries slashed an average of 247,000 barrels per day since January 2019 compared with the same period in 2018, according to data from the US Energy Information Administration (EIA). In the latest EIA report titled “Weekly petroleum status report,” Kemp said YTD processing rates have fallen for the first time since 2011, and by the most since the recession of 2008/09.”

  10. Davy on Mon, 2nd Sep 2019 5:01 am 

    “Capitalism in the Last Chance Saloon”
    https://tinyurl.com/yxoqsnvy project syndicate

    “Believers in a market economy are dismayed by radical voices arguing that capitalism is incompatible with effective climate action. But unless capitalism’s defenders start supporting more ambitious targets and policies to achieve net-zero carbon emissions by mid-century, they should not be surprised if an increasing number of people agree.”

  11. Hey, juan pultard on Mon, 2nd Sep 2019 5:02 am 

    troll that bitch

  12. Cloggie on Mon, 2nd Sep 2019 5:29 am 

    “Capitalism in the Last Chance Saloon”

    https://tinyurl.com/yxoqsnvy project syndicate

    Brainchild of a (((Ezra Klein))), scribe from WaPo, Bloomborg and MSNBC:

    https://en.m.wikipedia.org/wiki/Ezra_Klein

    These people can’t wait to bolshevize America, now that they have imported the required proletariate from the third world.

    Glad not to be an American.

  13. I AM THE MOB on Mon, 2nd Sep 2019 6:15 am 

    Clogg

    Renewable energy is a misnomer. And they produce tiny amounts of electricity. And oil is manly used for transportation.

    OH well we have fracking and Canada and ME oil.

    Europe and Asia are fucked. And headed for collapse.

  14. I AM THE MOB on Mon, 2nd Sep 2019 6:20 am 

    Neo-Nazi site lists photographs, names of thousands of Yeshiva U. students

    https://www.jpost.com/Diaspora/Antisemitism/Yeshiva-U-students-listed-photographed-on-neo-Nazi-forum-600308

  15. Cloggie on Mon, 2nd Sep 2019 6:38 am 

    “Neo-Nazi site lists photographs, names of thousands of Yeshiva U. students”

    Take the train to NYC (“The East”) now, while you still can, floppy. The countdown to CW2 has begun. Perhaps we can even skip WW3 because of it.

  16. I AM THE MOB on Mon, 2nd Sep 2019 7:54 am 

    Clog

    Just wait till the gas stations start running out of fuel in Europe. And then its every country for themselves. And we will be laughing. Your region has no shared culture or even language. It was a horrible idea. And European whites are trash.

    Good luck

  17. Cloggie on Mon, 2nd Sep 2019 8:11 am 

    “Just wait till the gas stations start running out of fuel in Europe. And then its every country for themselves. And we will be laughing. Your region has no shared culture or even language. It was a horrible idea. And European whites are trash.”

    We have Russian oil and gas, world class engineers…

    https://youtu.be/JV9PykR5bHo

    …we can frack too and/or exploit UCG.

    Europe very well has a common religion, race and for centuries lived under a single emperor. And everybody who matters speaks English. And the only anti-Europeans, I mean the English, now volunteer to auto-deport themselves from Europe, straight into the loving arms of third world ZOG-USA. Everybody his hobby.

    I know you would be laughing, but I would advise you to focus on your own, far graver problems. Forcing Europeans, Africans and Latino’s to live together is really asking for trouble, which means that we PBM-Europeans already have an army within US borders, with which we can reclaim large parts of North-America for European Civilization.

    At the cost of Uncle Schmul.

  18. Cloggie on Mon, 2nd Sep 2019 8:26 am 

    France and Iran close to large nuclear deal:

    https://www.theguardian.com/world/2019/sep/02/iran-optimism-nuclear-deal-talks-france

  19. Sissyfuss on Mon, 2nd Sep 2019 8:59 am 

    Martin and Xi have Trump figured out. Just tell him you like his stable geniuosity and he’ll go back to playing with his mushroom.

  20. Duncan Idaho on Mon, 2nd Sep 2019 9:10 am 

    “The basic premise of Israel, as understood by many Americans, is:

    * It’s a Jewish country fighting for survival.
    * The Jews here kick ass, unlike their pale, nerdy cousins from abroad.
    * You don’t mess with the Zohan.
    * It’s a secular, liberal country.

    Wrong on all counts, but it does provide a shadow of reality.”

    https://mondoweiss.net/2019/08/americans-understand-alabama/

  21. Cloggie on Mon, 2nd Sep 2019 11:08 am 

    Texas shooter is white supremacist latino Jew:

    https://nypost.com/2019/09/02/texas-mass-shooter-was-fired-from-job-hours-before-deadly-rampage/

  22. Cull Humanity on Tue, 3rd Sep 2019 12:29 pm 

    Clogg burped:
    “Regarding fossil fuel, he apparently never heard of UCG, the available quantities of which are virtually unlimited.”

    I couldn’t find much info on UCG’s production potential, probably because no one knows yet. That Canada and the US chose fracking and tar sands over UCG is probably the best indication of it’s economics and relative potential to pick up the slack once the tight oil tapers off.

    Still, my bet is famine and war takes humanity out before the fire apes run out of things to burn.

  23. Cloggie on Tue, 3rd Sep 2019 12:47 pm 

    “I couldn’t find much info on UCG’s production potential, probably because no one knows yet.”

    That’s your incompetence then. But never mind, remember I’m here to help you.

    https://deepresource.wordpress.com/2015/04/07/fracking-is-for-amateurs/

    https://deepresource.wordpress.com/2018/12/18/north-sea-ucg/

    But tell me cull, when are you going to give the good example?

  24. Dredd on Tue, 3rd Sep 2019 1:59 pm 

    “On a finite planet, the only way a finite resource such as oil can become infinite is through propaganda.” – Dredd

  25. Green People's Media on Fri, 6th Sep 2019 9:10 pm 

    It’s a bit early to be calling Peak Shale. We’ve been standing by our prediction for the Fracking Bust to begin in January, 2025 (let’s call it New Year’s Day).

    You have to hand it to the industry. Cranking up U.S. “petroleum” (if you can call light-tight oil “petroleum”) to 12.3 million barrel a day, from the 5 million low point at the depth of the Great Recession, quite a feat.

    However, it’s a feat that borrows from the future.

    More important is to look at global conventional oils, particularly these–Saudi Israelia, Russia, and Iran-Iraq. Those are the key to what happens after the U.S. fracking bust occurs.

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