With shale oil and other extreme oil sources, many think peak oil is dead, or at least is not threatening our economies. But this couldn’t be more wrong. The historic average oil prices are of $25. Current prices are above $110 a barrel.
Five years ago, they were less than half of that. As the Conversation notes, current high prices have a huge toll on our economies as we spend $9.5 billion globally on oil every single day, amounting to a staggering $3.5 TRILLION each year.
This addiction is hurting our economies each day more are the global demand keeps on increasing, fueled by developing and emerging nations.