Friday, October 23, 2015

Cheap-oil party is over, and the bill is now due

By @kurtcobb Resource Insights: Goldilocks and the three prices of oil: "Now, oil demand actually went up somewhat in the face of recent lower prices. But if Tverberg's thesis is correct, then demand won't hold up when the economy sinks into a recession or stalls close to zero growth. If the world economy shrinks or merely stalls, as it now appears to be doing, we may be in for a long stagnation for other reasons as the world works off debt built up previously in a long 30-year credit boom.
...Of course, we could rework our infrastructure and daily practices to use less oil or even to begin to phase it out altogether...."

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