His prediction would be correct if nothing else happened. Now we have
two additional variables in play. The first is a world-wide
depression. This will reduce energy demand and reduce use of oil - for
a while. By the time this is over, new sources and effective
conservation methods will be available. The second is the response of
users. Already demand in the US has gone down. As the price of
gasoline goes up, people find ways to save or to use other sources.
This is not rocket science. A bigger fear is the rise in food prices.
The obese problem will gradually go away and be replaced by the
underweight problem. I wonder how the government will handle this
problem?
Ed
On Sep 22, 2008, at 12:23 PM, Jed Rothwell wrote:
I normally pay little attention to magazine articles with titles
like this, but this one appears to be authoritative. See:
http://money.cnn.com/2008/09/15/news/economy/500dollaroil_okeefe.fortune/
Other oil experts make similar predictions but nowhere near as dire
in the short term.
- Jed
