Wednesday, August 28, 2013

Oil is being rationed by price - proof of supply constraint, aka #peakoil

Our Finite World: "These [western, developed] countries also have much less growth in oil consumption than the rest of the world, indicating that when it comes to oil consumption, citizens and businesses of the US, EU and UK are being outbid by businesses and workers elsewhere.

Workers elsewhere may use less oil per person, but because they have jobs, they are able to purchase new scooters and other goods they want. Their employers also use oil to make and ship goods, keeping their demand high."

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