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"Extraction cannot keep going at some slowly reduced rate, mostly because the refining and marketing sectors cannot operate under negative-growth conditions very long."
Why Not? I'm genuinely curious as to why you think this. Unfortunately its just one unsubstantiated assertion supported by another unsubstantiated assertion, and doesnt explain anything.
Why cannot refining and marketing operate under 'negative growth conditions' for very long? A recession (aka negative growth conditions) has never meant the end of things as far as I can remmember. How do you characterise ' not very long'?
COuld you flesh that that out as far an explanation, please.
First-What does "Negative Growth"(NG) mean?
It's a late 20th C term for "Contracting Economy"
Of course no one in the Main Stream Media
wants to say this, in fact will be carried off the
stage in a strait jacket before the term "Contracting
Economy " is uttered.
Second-Watch a financial channel or read the WSJ
and make a point of noting how many times you
see/hear the word "growth".
Third-My Point-for 100 years the US and World Economy
has been operating in the Age of Oil.
We only get growth from our growing use of oil.
No growth, then no investment, no investment, no returns.
In fact the only returns on investment will come from hoarding the commodity in question, hence Lundberg's
petroCollapse.
James