Are Global Events Now Driven By Peak Oil?

[Atheist-Lite]

[Rum]

Things don't really change and supply and demand have always controlled economies ultimately. I remember the 'oil crisis' of 1973/4 (see the graph for the spike in its price). In the UK it resulted in inflation which peaked at (as I recall - haven't checked this) it being in the upper teens. It was scary for a while going into shops and seeing prices change on an almost daily basis. Hyper inflation is really another thing altogether of course and is not just about the price of one vital product going through the roof but the whole economy going totally tits up.

[JimC]

Peak oil - one important factor influencing world events, but only one amongst many.

[Rum]

Peak oil - one important factor influencing world events, but only one amongst many.

Not quite as key as the price of gin of course..

[JimC]

Peak oil - one important factor influencing world events, but only one amongst many.

Not quite as key as the price of gin of course..

Absolutely! Priorities, old boy, priorities!

[Hermit]

Things don't really change and supply and demand have always controlled economies ultimately. I remember the 'oil crisis' of 1973/4 (see the graph for the spike in its price). In the UK it resulted in inflation which peaked at (as I recall - haven't checked this) it being in the upper teens. It was scary for a while going into shops and seeing prices change on an almost daily basis. Hyper inflation is really another thing altogether of course and is not just about the price of one vital product going through the roof but the whole economy going totally tits up.

The concept of "Peak Oil" is about demand exceeding supply on a permanent basis and on an increasing ratio. Reserves are being depleted because the rate of consumption exceeds the rate of new discoveries. Considering the extent oil underpins the economy, the flow-on effect of increased prices of petroleum products is bound to be reflected in rapidly increasing prices and a shrinking economy (stagflation). I think, though, that hyperinflation - if it actually occurs - will not be the anywhere near the worst problem we are about to face.

[Atheist-Lite]

Maybe the probable collapse of petro-based agricultural production/distribution is worth considering?

[Hermit]

Maybe the probable collapse of petro-based agricultural production/distribution is worth considering?

Not just agricultural, and I don't see it as a humorous matter.

[Clinton Huxley]

The market will save us. As the price of oil increases, the incentive to pursue and the potential for profit from other technologies increases. All will be well.

[Atheist-Lite]

The market will save us. As the price of oil increases, the incentive to pursue and the potential for profit from other technologies increases. All will be well.

I have total faith in the invisible hand of the market. It sets the price of street drugs so why not oil?

[Hermit]

The market will save us. As the price of oil increases, the incentive to pursue and the potential for profit from other technologies increases. All will be well.

Shale oil, yeah.

[Rum]

Hell there's still most of Alaska, Canada, the Arctic and Antarctic to spoil exploit drill in yet!

[Warren Dew]

The market will save us. As the price of oil increases, the incentive to pursue and the potential for profit from other technologies increases. All will be well.

We should all practice our flint knapping skills!

[Pappa]

The market will save us. As the price of oil increases, the incentive to pursue and the potential for profit from other technologies increases. All will be well.

We should all practice our flint knapping skills!

Already did.