Energy Key to Recovery

Richard Heinberg says that high oil prices caused the current recession.

We need to burn fewer fossil fuels and release less carbon to slow down climate change. And because of rising demand from developing nations and decreasing supply, it’s easy to see that our economy needs to kick its addiction to fossil fuels for purely economic reasons.

Richard Heinberg and others argue that it was not the subprime mortgage crisis that led to today’s recession, the worst downturn since the 1930s, but that high energy costs were the true culprit.

We all remember paying $4 for gas just before the collapse of September 2009. Similarly, the previous half dozen recessions were all preceded by high energy costs.

Coincidence?

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