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The Real Reason for USA based Economic Recessions.

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There have been 5 recession since then until now and I wanted to see if Oil had anything to do with them, because deep in my heart, I knew the most recent recession was directly caused by the oil price spikes that started in 2007 and peaked in 2008. For more information about the concept of Peak Oil please visit [link].

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Annual Increase in Global CO2 Emissions Halved in 2008; Decrease in Fossil Oil Consumption, Increase in Renewables Share

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In addition to high oil prices and the financial crisis, the increased use of new renewable energy sources, such as biofuels for road transport and wind energy for electricity generation, had a noticeable and mitigating impact on CO 2 emissions. Global CO 2 emissions from fuel use and cement production by region. Source: PBL.

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US Energy-Related Carbon Dioxide Emissions Declined by 2.8% in 2008; Transportation-Related Emissions Down 5.2%

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This is the largest annual decline in energy-related carbon dioxide emissions since EIA began annual reporting on greenhouse gas emissions. Factors that influenced the overall emissions decrease included record-high oil prices and a decline in economic activity in the second half of the year. —an average of 1.1%

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