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Commentary in Nature: Can economy bear what oil prices have in store?
Date:1/26/2012

ase about 3 percent a year.

"Yet to achieve that will require either an heroic increase in oil production, ... increased efficiency of oil use, more energy-efficient growth or rapid substitution of other fuel sources," according to the commentary. "Economists and politicians continually debate policies that will lead to a return to economic growth. But because they have failed to recognize that the high price of energy is a central problem, they haven't identified the necessary solutions: weaning society off fossil fuel."

The commentary concludes: "This will be a decades-long transformation and we need to start immediately. Emphasizing the short-term economic imperative from oil prices must be enough to push governments into action now."
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Contact: Sandra Hines
shines@uw.edu
206-543-2580
University of Washington
Source:Eurekalert

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