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Yet world oil production has basically stalled, with prices still high and emerging market demand rising, meaning the risk of a major
Actuary Gail Tverberg has a leading voice in the peak oil camp for years, notably editing The Oil Drum. She explained the risks of an energy crisis in an recent presentation at the Casualty Actuarial Society In Focus: Elephants in the Room conference.
In short, oil supply limits could suppress growth from here on out, moving the world from the stagflation era to 20-50 years of crisis. She advises other actuaries that "financial models in general are wrong" and "failure of financial institutions is likely." The only alternative she sees is the discovery of a "miraculous cheap new energy" - and alternatives and nuclear have a long way to go.