Back in 2005, the world economy was “humming along.” World growth in energy consumption per capita was rising at 2.3% per year in the 2001 to 2005 period. China had been added to the World Trade Organization in December 2001, ramping up its demand for all kinds of fossil fuels. There was also a bubble in the US housing market, brought on by low interest rates and loose underwriting standards.
Figure 1. World primary energy consumption per capita based on BP’s 2022 Statistical Review of World Energy. The problem in 2005, as…Today’s Energy Crisis Is Unlike Anything We’ve Ever Seen Before
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