Several presenters at the Association for the Study of Peak Oil (ASPO) conference two weeks ago used measures of GDP to express the economy's tolerance limit for high oil prices.
David Murphy, a pioneer in net energy (EROI) research at SUNY, noted that major recessions are always associated with petroleum and offered this chart, suggesting that that oil expenditures over 5.5% of GDP lead to major recessions:
http://www.greenchipstocks.com/articles/peak-oil-recession/544
http://www.aspo-usa.com/2009presentations/David_Murphy_Oct_11_2009.pdf
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Saturday, 24 October 2009
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