Peak Oil Guru Warns, We Must Stop Economic Growth
July 2nd, 2008
Otago University scientist Bob Lloyd, a world expert on Peak Oil, has delivered a blunt message to EECA staff, which he acknowledges is an “unpalatable truth.” Dr Lloyd argues the only solution to the looming oil crisis is to put a brake on economic growth.While politicians are reluctant to embrace his message (apart from the Green Party) Dr Lloyd says his research has led him to the conclusion the world is “addicted to growth” and it simply won’t be able to continue down this path once oil starts running out. He outlined his views this week in a video link up with EECA staff around NZ.
Dr Lloyd believes world oil supplies will peak between now and 2013, so there is not a great deal of time for the world to get used to a new style of economy which does not depend on continual growth. As oil becomes more expensive, so will all goods made from oil. Dr Lloyd says he can’t see any alternative energy source to oil on the horizon, and most of the so-called alternative energy sources today such as wind, solar, biomass and hydrogen all depend on oil to some extent for their production. For example, a wind turbine requires oil in its manufacture.
The only longer-term possibility is nuclear fusion but it’s “a long way off” and the challenges are enormous. Dr Lloyd also has some bad news for EECA in terms of its energy efficiency message. While acknowledging energy efficiency makes sense because it saves people money, he stresses energy efficiency alone is worthless if the savings are simply obliterated by further economic growth. He adds when people save money on their energy bills, they tend to spend it on other goods or services, which just consume energy in another form.
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