Michael Ruppert interviewed by Chelsea Green and filmed for a Youtube video. Author of the From The Wilderness newsletter, Ruppert had become aware of Peak Oil by 2001 and predicted the 2008 economic collapse. Ruppert believes the first stage of the recession occurred when the oil price reached $47 per barrel and that there was no going back. Peak oil awareness really originates from the calculations of Hubbert from 1947 who predicted the pattern of oil exploration would follow a bell curve and would therefore reach a 'peak', hence the term 'peak oil'. When Hubbert predicted that US oil would peak in the 1970's, he was castigated for it, however as history showed, his prediction was correct. Ruppert believes that long before the Bush administration, the US government was aware of the approach of Peak Oil. The From The Wilderness website apparently contains declassified CIA documents showing that the CIA was aware of Peak Oil in 1974. In Part 2 of this video Ruppert states that because Wall Street demands infinite growth no preparation for Peak Oil was made and we are therefore, now, at the point of collapse. He argues that relocalisation is the only way to survive the imminent collapse of industrial civilisation. Ruppert mentions the Russian writer Dimitri Orloff who described the various stages of collapse and he (Ruppert) argues that we are on the stage of political collapse. Interestingly, Ruppert reports that some prison inmates are being released because the prisons can't afford to feed them anymore. I say interestingly because I happened to notice a British newspaper headline about prisoner releases in the UK on my visit to the local shop about an hour ago.
What do you think? Realistic analysis or excessively doom-laden?
Richard Heinberg, another energy executive looking at Peak Oil has more or less the same outlook, arguing that we now have to face reality and start to plan for a no-growth society.