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World Oil Depletion And The Inevitable Crisis

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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