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The US and the overall world industrial economy are both based on an assumption of an infinite exponential increase in exported crude oil and petroleum products, when the new reality, IMO, is an exponential decline in world net oil export capacity. And I anticipate that the net export decline rate will accelerate with time.
All I can do is to suggest ELP as a response to the ELM, and suggest, when people finally realize what is going on, that we implement Alan Drake's plans. I strongly advise that people start thinking about trying to lock in access to food supplies.
... when people finally realize what is going on...
Are not exporters smart enough to ANTICIPATE and minimize exports asap for their own survival, if not also to mitigate global consequences? [excepting only exporters prevented from doing so by their foreign handlers].