Research from the University of Melbourne found forecasts made in the 1972 book “Limits to Growth” regarding resource use, population growth, industrial output and other factors of the world’s economy and ecosystems to be accurate.
We should certainly be witnessing real progress toward a post-petroleum economy. But the opposite is occurring. U.S. oil consumption climbed by 400,000 barrels per day in 2013 alone and is set to rise again both this year and next.
Among the big energy stories of 2013, “peak oil”—the once-popular notion that worldwide oil production would soon reach a maximum level and begin an irreversible decline—was thoroughly discredited. The explosive development of shale oil and other unconventional fuels in the United States helped put it in its grave.