World Oil Depletion And The Inevitable Crisis

peak oil crisis

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Article from Durango Bill on Peak Oil and the possible alternative solutions.

"Since 1920, a world economic expansion has been powered by cheap oil. The difference between the

minimal work required to obtain cheap oil and the large amount of work that oil can do has produced a

large energy profit. This energy profit has led to an agricultural and industrial boom, and a quadrupling

of world population. As cheap oil evolves into expensive oil we will lose this profit margin. It will become

increasingly difficult to support our industrial base and grow our accustomed supply of food. Our

technological economy will suffer if only because there will be insufficient gasoline to transport people

from their homes to their jobs. In reality, all segments of the transportation and petrochemical industries

will take a direct hit. The historic growth in both the world's economy and population will come to a halt,

and then begin to contract - slowly at first, and then more rapidly. This economic rollover will likely be

preceded and accompanied by catastrophic declines in world equity markets. The declines in equity

prices will take several decades to run their course and will be characterized by multiple steps

downward as opposed to a sudden panic. The total drop should exceed the 90% decline that

occurred from 1929 to 1932."

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