The End of Economic Growth: Energy Shortages Drive Global Downturn

As the world enters 2025, the critical issue we are facing is Peak Crude Oil, relative to population. Crude oil has fallen from as much as .46 gallons per person, which was quite common before the pandemic, to close to .42 gallons per person recently (Figure 1). Figure 1. World crude oil production per person, based on data of the US EIA. Data through September 2024. People have a misimpression regarding how world peak oil can be expected to behave. The world economy has continued to grow, but now it is beginning to move in the direction of contraction…