 | Why We Disagree on Peak Oil and Climate Change: Part III - Our Belief Systems | The Oil Drum | Ghawar reserves update and revisions (1) |  |
249 comments on DrumBeat: May 2, 2007
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249 comments on DrumBeat: May 2, 2007
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Relative price declines for just about everything other than energy & food, really - especially for anything that is more or less discretionary. The higher prices for energy and for food (partially energy input driven, partially biofuel diversion driven, partially climate change & water supply driven) have to be paid for by cutbacks in other purchases. When we talk about "demand destruction", remember that it is not just ENERGY demand destruction.
STAGFLATION!!!