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Recognition of Peak Oil could be delayed by an economic recession. Demand can drop faster than production if the economy sinks. This would totally cloud the issue. It is bad news either way. I keep wondering which TPTB would prefer. It kind of looks like they would prefer to keep the economy humming as fast as energy production allows. Damn the consequences. The choice over the last decade is obvious now. TPTB wanted economic growth over everything else. Eventually growth bumps into limits to growth. Peak Energy and environmental destruction are here.
The reign of King Dumbo has been a complete failure for those who dream of peace and environmental sanity.
Continuous recessions, followed by short revivals are the only serious scenarios about how PO will play out economically. One would be a fool to think that oil can get to $200 or even $100 and stay there without the this breaking the back of the economy along.
Those periods should continue until we complete our transition to an oil-free economy. Of course economic scenarious can not predict resource wars or the amount of suffering of the world's poor... economics usually shies away from such "externalities".
Hi Oaksmoke,
Thanks. Yes. "Recognition of Peak Oil could be delayed by an economic recession."
And, in addition, as someone may have already suggested, it's even possible we'll see on-going economic upheaval, without any general understanding of the underlying reasons.