| Energy return on investment, peak oil, and the end of economic growth. | |
| | |
MedLine Citation:
|
PMID: 21332492 Owner: NLM Status: In-Data-Review |
Abstract/OtherAbstract:
|
Economic growth over the past 40 years has used increasing quantities of fossil energy, and most importantly oil. Yet, our ability to increase the global supply of conventional crude oil much beyond current levels is doubtful, which may pose a problem for continued economic growth. Our research indicates that, due to the depletion of conventional, and hence cheap, crude oil supplies (i.e., peak oil), increasing the supply of oil in the future would require exploiting lower quality resources (i.e., expensive), and thus could occur only at high prices. This situation creates a system of feedbacks that can be aptly described as an economic growth paradox: increasing the oil supply to support economic growth will require high oil prices that will undermine that economic growth. From this we conclude that the economic growth of the past 40 years is unlikely to continue in the long term unless there is some remarkable change in how we manage our economy. |
| | |
Authors:
|
David J Murphy; Charles A S Hall |
Publication Detail:
|
Type: Journal Article |
Journal Detail:
|
Title: Annals of the New York Academy of Sciences Volume: 1219 ISSN: 1749-6632 ISO Abbreviation: Ann. N. Y. Acad. Sci. Publication Date: 2011 Feb |
Date Detail:
|
Created Date: 2011-02-21 Completed Date: - Revised Date: - |
Medline Journal Info:
|
Nlm Unique ID: 7506858 Medline TA: Ann N Y Acad Sci Country: United States |
Other Details:
|
Languages: eng Pagination: 52-72 Citation Subset: IM |
Copyright Information:
|
© 2011 New York Academy of Sciences. |
Affiliation:
|
College of Environmental Science and Forestry, State University of New York, Syracuse, New York. |
Export Citation:
|
APA/MLA Format Download EndNote Download BibTex |
| MeSH Terms | |
Descriptor/Qualifier:
|
|
From MEDLINE®/PubMed®, a database of the U.S. National Library of Medicine
Previous Document: The role of energy in economic growth.
Next Document: Full cost accounting for the life cycle of coal.