The International Energy Agency (IEA) is forecasting world oil demand will set a new record next year when is smashes through 2008’s pre-recession high – and warning that the “era of cheap oil is over.” According to the IEA’s latest Oil Market Report, published August 11, global demand will reach 86.6 million barrels per day in 2010, and then 87.9 million barrels per day in 2011, assuming a continuing global economic recovery. This means demand is set to pass the all-time high of 86.9 million barrels per day established in 2008 before the global economic downturn.
Of course, the figures assume that there will be continuing global economic recovery. Will this be the case?
And something from Juliet Schor: Rethinking scale and growth for a more sustainable world
Both for households and firms, shifting to sustainability opens up new possibilities, and intersects with ongoing changes in the economy. In Plenitude, I lay out a number of principles that should inform our thinking about how to solve the climate and eco-crises. These include re-thinking the question of scale, knowledge transmission, the role of informal economies and social capital, new consumer patterns, and the relation among productivity growth, output and hours of work.
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