Latest from the Taskforce. Discussions about Energy and Our Future. Where we are headed: Peak oil and the financial crisis. Our One-Way Economy Our economy is very much a one way economy--because of its heavy reliance on debt, it needs to grow.
It is easy to overlook the importance of debt. Discussions about Energy and Our Future. Further Evidence of the Influence of Energy on the U.S. Economy. Posted by David Murphy on April 16, 2009 - 11:11am in The Oil Drum: Net Energy Topic: Economics/Finance Tags: dot-com bubble, economy, energy, eroi guy, finance, housing bubble, oil crisis, original, petroleum expenditures, steve balogh [list all tags] Gail, Jeff Rubin , and now James Hamilton (warning- pdf) of the University of California – San Diego have produced literature correlating either this financial collapse or recessions more generally with peak oil and oil prices.
The take-away message of their work is that oil prices played a fundamental role in causing the current recession and many previous recessions. In this post I, along with Steve Balogh, a fellow researcher here at the EROI Institute at SUNY-ESF, will add to this discourse.