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The world is starting to understand the the era of extremely low oil prices has vanished forever. To describe how this is impacting macro-level growth, Gail Tverberg outlines the dynamics of high energy prices that are causing wages to stagnate in this talk recorded at the 2013 Biophysical Economics Conference in Burlington, VT
From Gail: The conclusion I reach is that overall, we seem to be close to financial collapse. Thus, the “space” for declining future Energy Return on Energy Invested (EROI) is virtually zero. To me, this means that we now need to be looking from ways to raise EROI, rather than assuming that we can keep adding new low EROI energy production to the system, without adverse consequences.
This talk and slides are also posted on Gail’s site Our Finite World.
You can follow Gail on Twitter via @gailtverberg
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