I think it cements Peak Oil as a fact of present history (barrels of oil produced) and insures collapse of the neo-liberal model of continual economic growth.

Thats in the long term I suppose, but what in the short term?

Nicely said though :)

According to a new Rasmussen poll, 48 percent of voters say there’s a fundamental contradiction between environmental policy and economic growth; essentially, half of Americans now believe we can’t have both a sound environmental policy and a strong economy. And let’s be honest: with the Dow in the doldrums and foreclosures still spreading like a rash, it’s pretty obvious which of the two options voters would prefer their leaders to prioritize.

Stupid Americans, go to the blackboard and write 700 billion times, *ECONOMIC GROWTH IS NOT SUSTAINABLE!!!* Ok, now go back and study some physics, chemistry and biology with an emphasis on ecology and population overshoot.